The comic evolution

With Mumbai’s first Film & Comics Convention just gone by, After Hrs explores the phenomenon of comics which seems to be making a comeback

For most people, comics stir up happy childhood memories of sitting around and reading, be it Amar Chitra Katha or Marvel comics. But no need to get nostalgic about it, because comics are making a comeback, and how? “Comics are the first interface with reading for children as animation is for content viewing,” says Devdatta Potnis, Head of Sales & Marketing, Maya Digital Studios. “It is a good time for animation as we have good Indian content with international quality standards to support it. With fresh Indian stories coming up in the form of comics, we are taking them up and developing animated content for kids,” he says. Their latest collaboration is to create an animated show, The Sixth: Karna — The Warrior Kid based on one of Vimanika Comic’s The Sixth: Legend of Karna, the trailer of which was launched at last week’s comic convention. Jason Quinn, author of the graphic novel Steve Jobs: Genius By Design says, “Comics or sequential art has been around since man first learned to pick up a rock and use it as a tool — cave paintings are comics.” Comics never really went away, he adds, and declining sales around the world are because producers focussed on multi-issue tales that were too complicated to understand. Karan Vir Arora, CEO, Vimanika Comics says that new comics are being born now and the older ones are innovating and relaunching as well. There is no real difference between graphic novels and comics, Karan explains. Graphic novel is a term created in the 1980s, for comics to be taken more seriously. “The term was used to attract adults to the genre of comics by writing about more serious topics. The only other element is that most graphic novels begin and end in one book, while comics are usually a series, he adds. Jason agrees, “I never really liked the term graphic novel. It always struck me as a bit pretentious, as though the people saying it were trying to make comics seem grown up and respectable as though ashamed of the term ‘comic book’. I’m not ashamed of loving comics and in all honesty I don’t want to appear grown up and respectable either.” Manish Gupta of Raj Comics says, “Comics made a comeback a few years ago. And took a huge leap! Now there is more awareness and more readers. Taking comics online has helped. It has let people connect with the makers better and faster.” varsha.naik@dnaindia.net

East make it two in a row

Spinners Saxena, Majumdar limit Central Zone to 189 in first innings as East defend Duleep Trophy title

Chennai: Bengal left-arm spinner Iresh Saxena and part-time leg-break bowler Anustup Majumdar shared nine wickets among themselves as East Zone won their second successive Duleep Trophy title by virtue of their 43-run first innings lead over Central Zone. The match ended in a draw. In reply to East Zone’s first innings score of 232, almost all the Central batsmen barring opener Tanmay Srivastava found it difficult to survive on a slow track, which also offered appreciable turn as they were shot out for 189 in 83.5 overs. Srivastava made a patient 94 off 252 balls with eight fours and was Iresh’s fifth victim as he gave a simple catch to Ishank Jaggi at forward short-leg to become ninth central batsman to get out. Iresh had a career-best figures of five for 58 while Majumdar, who had done the star turn with bat during their maiden triumph last season, bamboozled the opposition with his leg-breaks and googlies to end with four for 29 in 7.5 overs. The East Zone team management had read the pitch wrong when they left out leg-spinner Samar Quadri with only Saxena being the specialist slow bowler but it didn’t take too long for skipper Natraj Behera to understand that spin was the key on the final day. The turning point came when Behera handed the ball to Majumdar in the 70th over, which tilted the match decisively in East’s favour. He immediately got Rawat caught behind with a leg-break and his googly got rid of Bhuvneshwar Kumar, whose century against North in the semifinal was responsible for East’s entry in to the title round, for nought. From 147 for four, Central were suddenly 165 for seven. There wasn’t any looking back for the East after that. Resuming the day at 74 for two, East lost wickets at regular intervals as Iresh and Majumdar struck at regular intervals. Man of the match Ishank Jaggi, who scored an unbeaten century in East’s first innings, praised the bowlers for their lion-hearted effort. “I happy to have contributed to team’s cause but at the same time would like to congratulate the bowlers for their brilliant effort. For me, sticking to the wicket was the key and I did just that. I got an able partner in SP Gautam, who encouraged me to go for my shots,” a delighted Jaggi said after the match. East skipper Behera admitted that he had never seen Anustup bowl in a competitive match. “When he got one wicket, he said that he wanted to bowl more. I will certainly tell him to continue bowling leg-spinners,” he said. Brief scores: East Zone 232 and 8/0 drew with Central Zone 189 in 83.5 overs (Tanmay Srivastava 94, Iresh Saxena 5/58, Anustup Majumdar 4/29). East won on the basis of the frist innings lead

As soaring gold and silver prices take the sheen off zari borders, Kanchipuram weavers struggle to stay afloat

Pushpeshu jati, purusheshu Vishnu; Narishu Rambha, nagareshu Kanchi - Kalidasa
(Among flowers, jasmine; among men, Vishnu; among women, Rambha and among cities, Kanchi.)

In one of the most memorable scenes in Priyadarshan's Kanchivaram, an award-winning Tamil film set in the Kanchipuram of the '40s, Vengadam, a silk weaver, carries his tired wife on his shoulders to show off a sari he had woven for his master's daughter on her wedding day. As they rush to the venue, his eyes brim with the pride of a creator. But his wife's wistful eyes betray a different emotion - her longing for an exquisite silk sari.

Some scenes later, the protagonist, played by Prakash Raj, promises his newborn daughter that he will get her married off in a silk sari. But, as society conspires otherwise, he fails. The movie ends on a bitter note as Vengadam poisons his invalid daughter and tries to cover her body with a half-woven sari, a poignant metaphor of unfulfilled aspirations.

The Kanchipuram of today is nothing like the Kanchipuram of the '40s. The town, which derives its name from kanchana or gold, is situated about 60 km from Chennai and is a bustling economic hub. The roads are dotted with tourists, pilgrims and young men in smart formals waiting for their office buses to pick them up.

The lives of the weavers have improved, too. Over the years, they have formed co-operative societies that help them participate in and benefit from the market directly. “The ’90s and most of the last decade were good for us. That was the time we all made money. The bonuses were good, and that was when many of us built our own houses,” says M Venkatesan, a weaver.

Then came the twist of irony.

The sari that symbolised high living for decades started to become a tad too expensive even for the well-heeled, thanks to the sky-high prices of gold and silver. Both the metals are extensively used for the intricate zari work on the sari.

Ten years ago, you could have bought 10 grams of gold for Rs 4,900. Now, the price is hovering around Rs 30,000 and is expected to touch Rs 32,000 by Diwali. Silver also costs 15 percent more than last year. This unfettered price rise has sounded the death knell for the silk weavers of Kanchipuram. Costs have doubled in three years and customers, who used to buy at least half a dozen Kanchipuram saris for a wedding, have pruned their shopping list to barely a couple.

The retail shops see a brisk business, but the demand is for factory-made saris, not handmade ones. This has sent the fortunes of the Kanchipuram co-operatives into a tailspin. Out of the over 250 societies, only four or five are doing well. The number of looms has come down to about 20,000 from 50,000 in the early ’90s. Many weavers, especially the younger ones, have taken up jobs in the automobile and electronics factories that have come up on the outskirts of Chennai.

In some ways, weaving is an accidental industry in Kanchipuram. There are no silk farms in and around the town. Silk comes from Karnataka and the zaris from Surat. The town’s only contribution is its talent and a long tradition of making a product that is distinctly different from what they make in cities like Varanasi, Dharmavaram or Arani.

Weavers here use two strands of silk, making it heavier and sturdier than the others. The borders - whose base contrasts the rest of the sari and which carries most of the zaris - are broad. The artists buy zaris by marcs (equivalent to 242 gm) that comprise 57 percent silver and 0.6 percent gold. Zari work accounts for about 30 percent of the weight of a sari. That means a sari that could have been priced at Rs 4,000 in 2007 costs no less than Rs 7,000-Rs 8,000 now.

The customers have started to look for alternatives. “If a bride got a couple of saris for her wedding earlier, she gets only one now. If close relatives got one earlier, they get none. When they buy, they go for the cheaper varieties,” says Manikavelu of Ananda Silks, a retailer with a showroom in Kanchipuram.

Unlike other industries that win back customers with price correction, shifting preferences spell doom for the silk industry. Kanchipuram sari is a niche product, too heavy and ornamental for frequent use. People buy it once in a while and as a matter of habit. If they stop it, even declining prices won’t bring them back. “Once a new fashion comes in, the old simply vanishes,” says Manikavelu.

Second, powerlooms are banned within a 30-km radius of Kanchipuram; a sari is the handiwork of a group of skilled workers. But as profits plunge, more and more people are moving away from the profession. “Twenty years on, even if someone wants the sari, there may not be anyone to make it,” says E Muthukumaran, secretary of Kanchi Kamakshi Amman Silk Weavers Society, the oldest and one of the biggest in Kanchipuram.

The district is now emerging as an industrial hub for automobile and electronics manufacturing companies like Hyundai, Ford, Mitsubishi, Nokia, Samsung and Dell. These companies, by promising a stable salary and status, are a big draw to the youngsters. When there is an occasional rise in demand for the silk saris, retailers and distributors face a bottleneck. “It’s difficult to find a weaver below 30 here,” says Muthukumaran.

Weavers have tried to get around the handicaps, but that often means quality compromises. Thinning down the hallowed zari borders, for instance. Now, even the best-selling varieties have minimal designs. Worse, some weavers have started to use chemical zaris that use copper strings instead of silver and are coated with a chemical that shines more than gold. The sari costs a third of an original Kanchipuram. “Some shops pass off a normal sari as Kanchipuram silk, as common people don’t know. This affects its brand value,” says Muthukumaran.

There have been attempts to ensure that the brand value doesn’t get diluted. There are machines to test the gold and silver content of the zari. A Kanchipuram sari also comes under GI Act (Geographical Indications of Goods Registration and Protection Act). But these measures don’t address the bigger problem of demand. “What’s the point of telling customers that the product is genuine when they are really worried about the price?” asks Manikavelu. To bring down the price, Kanchipuram societies considered lowering the official standards of zari sometime ago with lesser gold and silver content. But they finally decided against it.

The dwindling sales have a telling impact on co-operative society members like M Govindarajan. His house is in one of the small lanes in the southern part of the town. When the sun shines, the alley comes abuzz as the locals dry long silk threads out on the streets. But, such days come few and far between. Typically, Govindarajan and his co-weavers collect silk and zari from the society and take about 15 days to weave a sari, working eight hours a day. Even if he makes two saris a month, it doesn’t take care of his expenses. Now, he looks beyond weaving to make ends meet; by day, he is an insurance agent.

Dr CK Raman, former chairman of the town’s chamber of commerce, says one way to keep the product alive is by allowing mechanisation and powerlooms. Scale can bring costs down. Won’t that dilute the sanctity of a handwoven sari? No, argues Raman. Earlier, even the designs were done manually; now, it’s all computerised. It has only expanded the variety and scope of the saris, he says.

Removing the curbs on powerlooms may be the right move in the long run, but poses an immediate risk of alienating the existing weavers. Also, underlying concerns about the labour shortage is the belief that the demand for Kanchipuram silk saris will not entirely vanish. Perhaps no one is as confident as N Balasubramainian, an octogenarian master weaver. He learned his craft in the early ’50s from another weaver in the same street and eventually built his own business. He now has over 30 looms and a couple of showrooms. “Taste keeps changing, but the fundamentals of weaving won’t. It’s important that we keep making what our customers want. And there will always be a demand for beautiful objects,” he says.

Balance all the key elements

Feng Shui has several simple guidelines that can affect the flow of energies within your residence

There are certain sciences that require you to believe in them completely before experiencing any benefits. Others have two levels, basic and advanced, which can be followed depending on the extent of one’s faith in it. Feng Shui, belongs to the latter category. While the advanced levels do require in-depth knowledge and a substantial amount of faith as well, some of the simple things recommended are pretty much on the lines of common sense. For instance, as per the guidelines by ‘A Circle of Light’ it is advised to make the first impression upon entering your home a warm and welcoming one. Add flowering plants in groups of three's along the walkway to your front door. If possible, light the walkway to your door at night. Get rid of any dried flowers in your space. Clear away any clutter and trim over grown plants in all yard areas. Move your furniture around; it's fun to create something new and exciting to come home to. You will also change the flow of energy, which is good to do every so often. Clean out your closets and drawers. Play calming music like ocean waves, forest sounds or rain. The minimalist approach to furniture placement also seems to have its origins in Feng Shui principles. Feng Shui is supposed to impact your personal life in many ways. For instance, according to Kishore Dharmani, those who are unsuccessful in finding a life partner should paint their bedroom in any shade of pink or peach. When it comes to choosing the right furniture in a Feng Shui space, Josh Thompson advises opting for colours according to the energy you need. One tip is to choose a neutral sofa and then add one or two accent pieces representing your favourite elements. Think fire for passion and energy, metal materials for clarity, and wood for vitality. A harmonious Feng Shui water element will bring a refreshing calm to the area, while a strong earth element in your home can help create a sense of stability. By splurging on the furniture that’s most important to the room as a whole, you will feel good about both the quality and tranquillity of the new additions. If you want something that is going to stand out, choose furniture with texture instead of color. In many cases, you can find a couch with fabric that has tone on tone patterns, allowing it to appear neutral, having the ability to blend with the rest of your room. While a solid coloured piece of furniture may seem plain, look for one with textures, such as raised lines much like corduroy, which will complement the rest of your living space. Every room needs balancing by adding varying textures. Consider using throw pillows, decorative rugs, drapery. In order to have a balanced and comfortable room, combining different textures, shapes and colours is the key. Generally, natural materials like cotton, silk and wool attract better energy than synthetics. Find what textures work for you, and follow your natural instinct from there. There are some pieces of furniture with silver legs, and your room may be accented with gold. Be sure to look at this aspect of your furniture, because although it may not seem to stand out in the showroom, once you add it to your living space, it could become an unexpected eyesore. Feng Shui accents should include good quality, smooth edges and proper placement. No detail is too small to affect the energy flow in a room. Difficulties can often be cured by placing and rearranging objects within the space. Get a second opinion; consider the thoughts of your friends and family. Sometimes seeing something through the eyes of another can help establish a clear view.

A fixed way to stay afloat

Should you opt for a fixed or floating rate home loan? Perhaps a combination loan offering both facilities over its tenure would make better sense

Before readers start taking sides and strongly voicing their preferences, let’s get one thing clear – there is no single answer to the ‘fixed v/s floating’ home loan debate. The choice depends on a number of factors, with the key ones being the income category and tenure. In the long run, floating rate loans make the most sense due to the cyclical nature of the finance markets. This format is also ideally suited to those belonging to the business community, as they are more comfortable in dealing with fluctuating rate movements. Moreover, since they tend to receive large chunks of money occasionally, it is feasible for them to pre-pay part of the loan. This enables them to counter the sudden spurt in tenure that results due to rate increases. However, a salaried person looking at a comparatively shorter tenure (five to ten years) would probably be better off with a fixed rate loan given the present scenario. The rationale is simple – if home loan rates increase and the number of EMIs shoots up, they would not be in a position to pre-pay the loan by paying out a large chunk of money. If the number of EMIs extends the tenure beyond their retirement age, the EMI amount would then have to be increased. Here too, since salaries tend to remain fixed, it would be extremely difficult for them to cope with the higher outgo. The issue of shifting from a floating rate loan to a fixed one has also been raised by several borrowers. While most of them happily converted their fixed rate loans to the floating options when rates were in free fall, the sustained increase in rates during the past two years has again caused concern among many of them. Here, the decision should be made considering the outstanding home loan amount and the stage of repayment. At the initial phase of any home loan repayment, EMIs largely comprise the interest component and only marginally the principal. So if one tries to shift after the first two years, it may well turn out that almost the entire principal repayment is still pending and the EMI paid for the first two years will just have to be written off! Also, after factoring in the additional administrative and processing charges, not to mention pre-payment penalty in the case of certain institutions, one may eventually find it a much costlier proposition than what had been bargained for. So don't act in haste. Discuss the issue with your chartered accountant or financial advisor and figure out if it makes sense to shift or not. Work out a cut-off limit beyond which an interest rate increase would be costlier than these items and then, only then try to switch over. Until then, stay afloat! Another option, which is offered by certain institutions, is a 'combo' loan, where you pay a pre-set, fixed rate of interest for the initial years and then switch over to the floating rate system. This is especially helpful for entry-level home buyers as they do not need to worry about any rise in home loan rates throwing their financial calculations off balance at the initial stages of loan repayment. A few years down the line, once their income levels have also sufficiently increased, it would not be so difficult to manage a higher equated monthly instalment.

Net gains @ new homes

Technology is enabling residents at distant locations to manage their utility payments and conduct banking transactions in comfort and privacy

Computers and the internet are increasingly becoming an integral part of our lives and even more so for those living in the peripheral areas of Mumbai. We bank@home, shop@home, invest@home and even do stock and commodity trades@home. Utility bills are being increasingly paid online, either through credit cards or direct debit instructions. Let’s first consider the advantages of online banking. It is convenient, it isn't bound by operational timings and there are no geographical barriers. To a large extent, online bill payment is also picking up because it benefits both parties, those who are billing and the consumers too, because manual, offline bill payment is an extremely time-consuming process, which the busy Mumbaikars simply cannot afford. While automated bank debits for bill payment have been available to consumers for more than a decade, it’s the benefit of self-service at any hour and increasing comfort with online financial transactions that are attracting netizens to Internet bill payment services in large numbers. The Internet offers unlimited shelf space and isn’t bound by operational timings and geographical boundaries; with an opportunity to cater to country wide city markets (for consumers and suppliers alike) at a comparative miniscule cost, which makes it the medium of the future. Just consider this scenario. A stock market analyst meets two neighbours while returning home in the evening and tells them about a great investment opportunity. Since it is the last day for applying, the first neighbour calls his broker, is unable to get through and shrugs it off as a lost cause. The second one goes home, opens his laptop and makes an online application, which is approved within a matter of minutes. This is one area in which technology has helped provide an impetus to online transactions. It is possible to shop or do your banking or investment transactions anytime from anywhere; so even if you live in a peripheral area of the Mumbai Metropolitan Region, the world is at hand 24x7. This has radically changed our entire approach. Previously, one had to personally go to a bank, apply for a cheque book and then make another trip to collect it. Now you can apply for one online and get it couriered to the home or office. In fact, it has reached a stage where one questions the very need for a cheque book, when the bank can automatically debit payments or directly transfer funds!

Recreate the theatre experience

From the layout to positioning of equipment and lighting, every aspect needs to be considered before setting up an exclusive entertainment zone

When any room or a section of it is being specifically demarcated for a particular purpose or activity, the planning required gets much more complex. After all, specialisation of any kind requires in-depth experience and expertise. So here’s what the experts recommend when it comes to recreating the theatre experience at home with an exclusive entertainment zone. Be very specific Making a significant investment in time and energy up front to thinking, doing your homework, and mapping out your project plan will certainly pay long-term dividends. This, according to the Home Theatre Design Guide, will help to ensure you get what you want out of your home theatre and possibly help to avoid some otherwise costly mistakes. The first step is to clearly identify your personal objectives. For some enthusiasts, the design concept may translate into something that mimics as many aspects of a real movie theatre experience as possible. For others, this may mean partitioning a space in their home for casual television viewing and gaming. As long as you know what the end game is, you will at least know which way things are headed. Analyse the space Before determining your requirements, it's helpful to first make a sketch of the space you're working with. Graph paper works well for this activity and you can easily sketch something that is fairly close to scale. Additionally, you should spend some time looking at other home theatres for features that you would like to replicate. Many aspects of a home theatre planning and design are interdependent. For example, your choice of video equipment may affect the placement of your seating. The placement of your seating may affect the layout of other things in the room, such as speaker placement. Make sure you devote plenty of time during the planning stages of the process to map out not only the location of your home theatre lighting, but what purpose it will serve and how it will be controlled. Ultimately, this can have downstream effects on what type of lighting you select to fill those needs, which will also impact your budget for the project. Design and layout Deciding where to put components is just as important as which ones to buy. The hometime website points out that there are several things to consider when designing a home theatre including personal preferences, physical requirements, and budget. Many times there are features to a room that dictate where a home theatre can go. Features such as built-in shelving, wall length, size and shape of the room, windows, etc., can eliminate an entire wall or half the room as placement possibilities. Quite often, it is observed that the equipment itself dictates its location. The larger the screen, the farther the distance must be between it and the sitting area. After all, larger screens will obviously require more distance from the viewing area. The essential components l Video and Audio Input Devices l Audio Processing Devices l Audio Output l Video Output l Ambience Two decades ago, a typical home theatre system would have a laser disc or video cassette player connected to a large rear-projection television set. Gradually the technology progressed with the development of the DVD-Video format, Dolby Digital 5.1-channel audio or surround sound speaker systems, and high-definition television (HDTV). In recent years, 3D television technology and Blu-ray Disc have ushered in a new era of home theatres. For those having the budget, a home theatre setup would include an advanced disc player, high-definition video projector and projection screen with over 100-inch diagonal screen size, and a several-thousand-watt home theatre receiver with five to seven surround-sound speakers plus a powerful subwoofer. Among the advanced systems are 3D-TV-enabled home theatres making use of 3D television sets or projectors and Blu-ray 3D players along with the special glasses. Take it forward Those who have the space can create a custom-built screening room, with cinema-style chairs and high-grade sound equipment designed to mimic commercial theatre performance. Higher-end home theatres commonly also have sound insulation to prevent noise from escaping the room, and a specialised wall treatment to balance the sound within the room. These more advanced installations often include sophisticated acoustic design elements, including ‘room-in-a-room’ construction that isolates sound and provides the potential for a nearly ideal listening environment. Ideal options available Home theatres can either be set up by purchasing individual components or a HTIB (Home Theatre in a Box), which includes all of the pieces from a single manufacturer. HTIB systems are a simpler and more cost-effective solution for most families. Component purchasing is only advisable for electronics experts who know how to attain improved quality in video or audio with proper knowledge and research. For instance, some speakers perform better in smaller rooms while others perform better in larger rooms and seating location must be considered. Finally, while selecting the decor scheme, try to go in for a dark coloured ceiling. Paint or place stars that glow in the dark on it for a ‘wow’ experience.

ASSIGNEE: The person to whom an interest is transferred. An assignee of an Agreement of Purchase and Sale may buy the property and enforce the contract in the same fashion as the original party.

ASSIGNMENT: The transfer of any right, claim or interest to another person or corporation. Often used to refer to the transfer of a mortgage from one lender to another. Also a noun describing the document which represents the assignment of the right etc.

ASSIGNMENT OF LEASE: Subject to the terms of the lease, a transfer of either the lessor's or the lessee's interest in a lease.

ASSIGNOR: The person who assigns a right or interest to another person.

ASSUMABLE MORTGAGE: A mortgage that can be taken over ('assumed') by the buyer when a home is sold. If interest rates have risen, an assumable mortgage at a low rate may prove a selling point for the property.

ASSUMPTION CLAUSE: The paragraph in the mortgage which sets out the borrower's right to have the mortgage assumed by a purchaser.

ASSUMPTION FEE: A charge levied by the lender (usually against the party assuming the mortgage) for the privilege of assuming a mortgage. May be a fixed amount or a percentage of outstanding principal on the mortgage at the time of the assumption.

ASSUMPTION OF MORTGAGE: The agreement of a purchaser to take on personal liability for a mortgage already registered on title to the property and to make payments under the mortgage. Purchaser takes the place of the vendor in the contract with the lender.

ATTACHMENT: The binding by a court of a piece of property (real or personal) as security for a debt.

ATTESTATION: A statement by a person who has witnessed another person signing a document to the effect that they did in fact witness the document.
This may include statements to the effect that the witness knew the person who signed personally, that the person who signed understood the contents of the document when he signed etc.
This is required in some states for land title deeds.

AUCTION: The process of selling property to the highest bidder.

AUCTIONEER: A professional (real estate broker or auctioneer, depending on local laws) who sells property at public auctions.

Blueprint: Construction plans, which contain minute details about a particular building.

Bona Fide: Made in good faith, at fair market value, without deceit or fraud.

Borrower: The person that receives money from a lender (often a bank) in exchange for a written promise to pay and a registered lien on property.

Boundary: Edge or limit of a property.

Build To Suit: An offer by a landowner to develop the land in a manner dictated by a potential tenant, in return for a long-term lease from the tenant for the developed land.

Builder Warranty: An enforceable guarantee of the quality of construction given by a builder or developer.

Building Code: A set of regulations, which is established by a municipal corporation, in order to govern the standards of construction in its jurisdiction.

Building Line Or Setback: This is the minimum distance at which a building or any other improvement may be constructed from a property line. It may be established by agreements, title documents or municipal ordinances.

Building Restrictions: Limiting rules which may appear in building codes or in title documents, which control the size, placement, materials, design or location of new constructions.

The luxury of ample space

Apartment formats are evolving to make homes as spacious as they used to be in the earlier days

Okay, here’s a joke that only a veteran home seeker would laugh at. How do you tell the difference between a flat in a MHADA project and an apartment in a private building? Simple, in the MHADA flat, the bedroom only has enough space for the bed; there isn’t room for anything else! Seriously though, the various configurations available in the premium homes segment, ranging from penthouses to duplexes and one apartment per floor truly elevate your quality of life in more ways than one. Not only do they now offer a higher vantage point to look at things from – albeit for those who don’t mind paying the floor rise – but they also facilitate the creation of family bonding spaces while ensuring privacy at the same time. In a trend that is seen to be increasingly visible across the suburbs, families that have opted for larger homes in non-prime locations, often find that the members, especially children, no longer feel the need to rush out at every available opportunity. The reason for this is quite simple. Previously, they were used to living in smaller flats where privacy was almost non-existent. The only way to find some time for yourself, or get away from an irritating family member for a while was to literally leave the house. In comparison, now each member has his or her own space. Children can put up their favourite posters, charge their cell phones without worrying about annoying siblings reading personal messages, even study without being disturbed. So suddenly, home isn’t a battleground to be avoided as far as possible. It’s a nice little haven where one can create some ‘me’ space and enjoy some ‘me’ time whenever required. The unintended side benefit of this is that the family is at home a lot more. And when privacy is readily available, it tends to lose its attraction after a while. So it’s not uncommon to see hitherto quarrelsome siblings watching television and having dinner with their parents. Instead of running away from home, now they run back to enjoy its comforts. Weekends see the family members doing activities together like swimming, sports like badminton and tennis or just taking a leisurely walk along the garden area. As they rightly say, there’s no place quite like home!

Brighter and cheerful

Make your home interiors more warm and welcoming during the winter season

When the temperature drops, sunlight is rare and darkness falls at five in the evening, there's nothing worse than being in a dark and gloomy room. While a fireplace may not be practical in Mumbai apartments, there are many other ways in which one can make home interiors warm and welcoming during the cold winter months. Look for theme furniture. For instance, you can get furniture that's inspired by organic architect Frank Lloyd Wright. These pieces are created to be unique, modern and embody the spirit and legacy of the late designer. Wright had a strong belief in designs that were in harmony with its surrounding environment. He designed furniture, windows, textiles, and other interior elements to complement a house’s exterior and to bring the natural world into every room. One of his most famous concepts, the Usonian home, which was a design for the urban American home in the 1940’s and can still be seen today in western ranch style houses, is styled into one of the sub-furniture lines. The 'Prairie' style dining tables surrounded by tall-backed chairs create a luxury 'room within a room' setting for dinners, holidays, and small, intimate gatherings. Add colour and sophistication to any room in this way. Make sure your home has some added glow this season, with hints of shimmer on the fabric of chairs, curtains and pillows. The key, according to the team at Goodwill, is to keep the shimmer subtle so it complements, rather than dominates, the space. The favourite shades for shimmer décor include grey, lavender, cream and blue. These tones add a light airy feel. Whether your home has dark wood furniture or white furniture, hints of shimmer work well with both of these tones. Add dimension to your room for fall with an architectural mirror. These take the ornamental traits from windows and doors to give an architectural appeal to the space they are in. Mirrors are great as décor, because they make the space look bigger too. Depending on the frame used, these mirrors can add a rustic vibe, or a completely modern feel. Try architectural mirrors that have an ornate wooden frame to them. Instantly give your space more dimension and character. Look for a detailed metal frame, if you want a modern look. Velvet is luxurious and beautiful, so use it in chairs, pillows and drapes. Because velvet can be quite showy, it’s important to only add touches of it throughout your entire home. More than one velvet piece in a room can begin to look overdone. Try matching velvet pillows to your current colour scheme to get the most life out of them. Create a cosy reading corner with a comfy chair or various oversized pillows. Ensure that whatever furniture you purchase combines function and style at the right price. Find items that truly work and suit the dynamic requirements in the homes of today.

How does the new property tax calculation affect your bills?

Key aspects of the capital value method of levying tax and some of the specific norms that will be followed

The long awaited capital value system for property tax has been now finalised and the software to generate the bills is at final stage. The concept is that citizens will be able to calculate property tax on their own and check if the BMC has sent them the correct bill. The main object of the capital value system is to remove the tax disparity between old and new properties. The highlights of the capital value system are as follows. 1. It will come into force with retrospective effect from April 1, 2010 as per market values of the year 2010 only and the value will not change for the next five years. 2. Capital value will be worked out as per rates given in the stamp duty ready reckoner and market value of properties in mumbai 2010 for all the properties constructed as on 31- 12-2010. Buildings constructed during 2011 and 2012 will be valued as per the ready reckoner of that year. 3. The property tax will be the same whether it is owner occupied or given on leave and license or rent. Presently the rented properties, which attract higher taxes will be re-worked as if it is owner occupied as on 31-03-2010 and will be taxed accordingly. Excess tax charged will be refunded. 4. The property tax will be charged at 0.316% to 2.296% of the capital value depending on its use. Presently the corporation has sent the provisional bills as per rateable value system only. After fixation of capital value and issue of the final bills, if the amount paid is more than the final bill, the same will be refunded with interest at 6.25% per annum. If the amount paid is less than the final bill, the same will be recovered from the taxpayer. There is a proposal to send individual bills to each taxpayer of those societies, which have no arrears of tax dues. 5. Apart from the property tax recovered by the corporation, there are state education cess, employment guarantee cess, repair cess and tax on building having area more than 125 sq metres, which will be charged separately as per rateable value system only. This is because these taxes are not switched over to capital value system by amending relevant acts. 6. Over and above the rates given in the ready reckoner, properties have been assigned factors like age, floor, use and type of building to work out the capital value. Properties have been classified in four groups; open land, residential, shop commercial and industrial. These four groups are further classified in five categories for charging taxes depending on it’s usefulness. Tax will be charged on the built up area of each unit plus common area of the building enjoyed by all the members, on pro rata basis. Actual built up area will be measured on the site. In case of old properties carpet area plus 20% will be accepted as built up area. 7. Once the property tax is fixed, it will not be revised for five years. After five years increase will be restricted to 40% only. 8. Residential units up to 500 sq ft carpet area will pay the same old tax. 9. Residential units more than 500 sq ft carpet area will pay two times of the old tax plus tax on common area on pro rata basis or tax as worked out on capital value system, whichever is less. 10. Non residential units will pay three times of their existing tax plus tax on common area or tax as worked out on capital value system, whichever is less. 11. The market values given in the ready reckoner will hold good for all the properties in Mumbai existing as on 31-12-2010. However old properties will qualify some depreciation. Redeveloped new buildings will be treated as new structure and will be valued accordingly. 12. A flat of 3000 sq ft at Cuffe Parade which is 40 years old paying property tax Rs 750 per month only will now pay Rs. 1500 only, where as a new building next to it will pay property tax more than Rs.30000 per month. There is a big disparity in the present system. 13. Each owner of the unit will receive individual bill, which he will directly pay to the corporation like electric, telephone and gas bills. However this service initially will be available only to those societies which are not in arrears of property tax. 14. The tax bill must be paid on time, failing which it will attract penalty at the rate of 2% per month on the due amount. Kumar and Gupta are authors of the Property Tax Ready Reckoner of Mumbai Municipal Corporation 2010

Some more food for thought

Terrace gardens are an ideal way to utilise available space to the best possible level

Food prices are constantly rising due to a lot of factors, prime amongst them being rising fuel prices, water shortage, loss of farmlands due to rapid urbanisation, more consumption than production and fod lost in transit. Urban Farming has provided some wonderful examples all over the world, where people, who have adopted this practice, have to some extent helped improve this situation. The end results, though on a local scale have been heartening leading to efficient water conservation, discovering new areas and methods for harvesting food, including reduced sewage with organic waste being used for generating compost. Finally, apart from all these benefits, you are still left with the main product that is organically grown healthy food. In Mumbai too, over the last few years, there are people who have started taking important steps in this direction. Their efforts have yielded some good examples, which if replicated even at a suburban scale can create some effective results. They vary right from a small rooftop to a large rooftop to community sized urban farms. Take for instance Cecilia Godin. She has a row house apartment in Chembur. There are terraces on two levels. She uses the upper terrace to grow fruits like chikoo and guava in recycled plastic containers. There is a compost bin in one corner of this terrace, where she recycles all her organic kitchen waste. On the lower terrace, she has planted sweet lime, tomatoes and okra. The backyard which faces the kitchen grows her daily fresh herb requirements like basil, coriander and fenugreek, with spinach occupying her kitchen window sill. All her immediate fresh herb and sweet lime requirements are entirely met by her small farm. Last year, when she had a huge tomato crop, she preserved it by way of some delicious homemade tomato sauce. Needlessly to add, since last year, she hasn’t required buying any tomato sauce from the market for her sandwiches. This was space, which according to her was earlier going to waste and required a lot of maintenance. Ever since she’s been growing food, it anyway gets taken care of and more importantly is contributing by way of money-savings each month. What’s more, her family, especially the kids eat a lot more fresh food. A good example of an apartment size rooftop farm is created by model turned urban farmer Smita Shirodkar. The striking feature about this farm is that it is on a terrace of a pre-independence two-storied structure at Dadar and is producing a variety of food including radish, aubergines, bitter gourd and white marrows. The plants are grown in containers, which include recycled materials like mango crates lined with used tarpaulin sheets. These are then mounted on raised beds consisting of bricks resting on the rooftop slab. These raised beds help in minimising water seepage onto the slab. Waterproofing of the terrace is managed by way of cementing the entire usable area. Again as the plants are grown in small units like crates, they are easy to manage and crop failure is restricted to only that particular unit, thereby increasing crop yield. Moreover, Smita is doing her bit in promoting the concept by conducting training classes and has even held workshops for school children, noting that their enthusiasm has to be seen to be believed. She believes that it is these children and teens, who are the citizens of the future, and the ones who really need to be exposed to such planet saving disciplines like water harvesting, food growing and composting at the earliest. Urban farming, according to her is an important step towards mitigating climate change. Another individual, who is doing a good job in taking Urban Farming in Mumbai to the next level, is Adrienne Thadani. She, along with her team at Fresh and Local not only train people how to grow food, but are also in the process of creating a large scale rooftop Farm in South Mumbai. They have named it the ‘Flyover Project.’ Once completed, this project of approximately 5000 sq ft will produce enough food to supplement the vegetable requirements of the entire apartment on which it is grown. She firmly believes that as far as possible perishable food like vegetables and leafy greens like spinach and herbs should be grown locally. This will ensure not only lesser food wastage but also better food quality as food consumed immediately after plucking is much more nutritious. Also, this way, one doesn’t burn any fossil fuel, since the food doesn’t travel that distance from farms to tables. Indoor farming is another avenue that can be explored. A lot of people already grow ornamentals like money plants, etc. They could also grow certain herbs, like mint, which are less light intensive. Fresh herbs taste better and have a higher nutritive value than dried ones. According to her, as more and more people adopt this practice, it would leave that many more farmlands to grow grains like wheat and rice nearer to the city. Since these grains do not demand intense preservation, there is lesser food loss in transit. Hence these can then be the only food commodity besides exotic fruits and dried items which could use transportation. Another way forward, according to her would be indoor farming under grow lights, which still has some way to go before it really can pick steam as there is that extra energy input required by way of electricity. But then, there are common areas like lobbies, especially in apartment complexes, hotels and malls, which anyways need a lot of lighting. Lights here could be designed for serving a dual purpose of lighting and growing food. Some plants like bell peppers could be grown as not only they produce food, but are aesthetically pleasing as well. Finally, people, who face a shortage in terms of space, can grow food on their balconies and window sills. Urban farming is still in its nascent stages in Mumbai and far from providing self sufficiency in terms of meeting the city’s overall food requirements. But, it definitely holds a lot of promise with the immediate gains of a much more nutritive produce. On a larger scale, when carried out widely throughout the city, the overall food production will be of a considerable proportion to definitely make a solid impact. Finally, it is a practice that each one of us can get involved in. Mistry is a Mumbai-based architect

How to safeguard your home loan eligibility

Be very careful while conducting financial transactions as just a few errors on your part could make lending institutions hesitate to sanction the entire amount that you require to buy a house

Have you ever delayed credit card payments for several months just because you are tied up with work? Or missed a car loan Equated Monthly Instalment (EMI) because you forgot to transfer funds from one account to the other? Well, in that case you might just find it difficult to convince lending institutions to sanction the entire amount that you require to buy a house. There are several aspects that can affect your home loan eligibility and while they may seem innocuous, they do reflect on your ability to raise funds at the end of the day. Decisive factors The actual home loan amount sanctioned by a lending institution is determined after taking into account many factors like repayment capacity, age, educational qualifications, stability and continuity of income, number of dependents, co-applicant’s income, assets, liabilities, saving habits, etc. Frequent defaults If you have a tendency to miss regular loan repayments or have a history of defaulting on credit card bills, most lending institutions will either sanction a lower amount than what you would be actually eligible for or charge you a higher rate of interest to make up for the higher risk involved. Eligibility perception Most of us know that an increase in home loan interest rates means having to pay a higher EMI. But were you aware that the rise automatically affects your home loan eligibility as well? While this fact may not register immediately, it’s really quite simple when you consider it step by step. Snowball effect The interest home loan rate goes up; therefore, your total repayment amount also increases to that extent. And since the only thing in the equation that hasn’t gone up is your income... your repayment capacity, based on which they calculate the eligibility amount, comes down slightly. Documents required Documentation required to avail of loans is fairly standardized across the industry. Some of the documents revolve around the individuals’ proof of income earned, taxes paid, current place of residence and other government certified documents that further lend credence to the individuals’ claims such as passport, ration card, voter identity card etc. Confidence crisis If you do not have a proper set of these documents in hand, the bank may feel that you are deliberately overstating your income levels. Again, in such circumstances the lending institution would play it safe and calculate your eligibility based on a lower income level Even proof of age is important. Since the home loan has to be repaid before your retirement age, so the institution may only agree to fund you for a shorter repayment period of five or ten years, instead of the standard 15 or extended 20 to 30 year tenures. Again, this will hike up the repayment equated monthly instalment (EMI) amount and if the institution feels you cannot comfortably repay the amount borrowed at your present income levels, the total loan amount sanctioned will obviously reduce. Comprehensive paperwork In addition, there are various documents required from the builder or society as the case maybe. Again these are fairly standardized documents designed mainly to protect the borrower from buying into illegal constructions or disputed properties. These too need to be in order for a proper sanction. Valuation concerns If you are seeking a loan of Rs.5 crore for an apartment that has a market value of Rs. 4 crore, it is again likely to make the bank a bit suspicious. Since banks tend to lend around 70 to 75% of the total cost, there have been several instances where people who do not have the ability to raise the balance amount, apply for a loan with an overpriced agreement. Their rationale is that getting 70% funding on the inflated price will cover most of the gap that they would have needed to fill with their own savings. Sanction process However, do keep in mind that banks will evaluate the value of a property as well before sanctioning the home loan. Even if you may be financially eligible for a loan of Rs. 5 crore, the valuation of the property as per their estimates, needs to be high enough as well. So ensure that you do not try to finance an overvalued property with a home loan or you may just find the sanctioned amount to be lower than your expectations. The bottom line is that you need to exercise a great deal of prudence and have a systematic approach in order to get a home loan sanction for the amount that you require. docs required for home loan     paper required for home loan     home loan required     papers required for home loan     required home loan     home loan requirements     income required for home loan

TRACK NOTES

F1 commentary in Hindi There will be another ‘first’ for Formula One in this weekend’s Indian GP. For the first time, racing fans across the Indian sub-continent will be able to savour the coverage of the high-adrenaline sport on television in their national language. Disclosing this, JPSI’s vice-president Askar Zaidi said that this will help in making a connect with the masses and taking F1 to the people and places where it has not reached till now. A Hindi commentator, Sandeep, has already been named to do the talking. “This will help our followers understand the race in a better way and also it will make them aware about our own teams and drivers, like Narain Karthikeyan and Sahara Force India etc,” said Zaidi. Tendulkar to miss the GP Sachin Tendulkar, who waved the chequered flag at the inaugural Indian Grand Prix, will miss the second edition of the Formula One race to play a Ranji match for the Mumbai team. It has been learnt that Tendulkar, who is a motorsports enthusiast, decided to prefer practising with the team in Mumbai than coming for the F1 race. The organisers have invited sports minister Ajay Maken to wave the chequered flag this time although they have not got the confirmation from him as yet. It has also been learnt that Yuvraj Singh will attend the high profile race at the BIC on Sunday. Will Hrithik wave the flag? Bollywood actor Hrithik Roshan is the star the Jaypee Group, the organisers of the Indian GP, have chosen to wave the chequered flag on Sunday. “We have recommended Hrithik’s name and we expect to get the approval for his name from Formula One Management (FOM) as well as Bernie Ecclestone,” a highly-placed source in the Jaypee Group said. Hrithik is among many celebrities flocking to the BIC to witness the second edition of the Indian GP. Among other Bollywood actors likely to be present are Arjun Rampal, Sonakshi Sinha and Ajay Devgn. (Chander Shekhar Luthra/PTI/IANS)

Two companies active in bullion segment today announced launching of an online platform which allows investors to own small quantities of physical gold and silver at wholesale prices.
The platform, Bullion India, will provide an online system to its members to buy, sell, hold and redeem these bars in a simple, easy and a convenient manner. It is an imitative of RiddiSiddhi Bullions (RSBL) and Finkurve Bullion Pvt Ltd.

Finkurve Bullion is promoted by NCDEX Spot Exchange Ltd (NSPOT), RSBL and Finkurve Financial Services Ltd (FFSL). "People across the country wants to buy physical gold and silver and put them to use when the time is right. Bullion India is the medium that enables a retail client to purchase gold and silver as if they were buying shares and still use them physically whenever they need them," RiddiSiddhi Bullions director Prithviraj Kothari told reporters here.

"We have been working on introducing a mass retail product for years. We will promote Bullion India through our network of jewellers," Kothari said. Bullion India provides the convenience of buying as low as 0.1 gm of gold and 1 gm of silver at live wholesale prices. Along with the price benefit Bullion India avails
facilities like no storage fee, free insurance, no account opening charges and no brokerage.

These fully insured bars are home delivered at a nominal cost. "With such price advantage, retail investors can take the opportunity to add gold and silver to their portfolio. Increasing inflation to the directly proportional investment
demands for these precious metals would contribute to consistent returns during the next 4-5 years," Kothari said. Gold bars are available in 1gm, 5gms and 10gms of 24 karat 99.5 percent purity and silver bars in 10gms, 20gms,
50gms and 100 gms of 24 karat 99.9 percent purity. These bars
comply with international standards, RSBL said.

Now truly a Force

With a reasonably successful last season when they finished sixth among the constructors, Mallya’s team will be no pushover at the Indian GP

Those were testing times when Vijay Mallya and Michiel Mol bought the struggling Spyker Formula One team. It was rechristened Force India, thus putting India’s name in the elite league. It evoked mixed reactions. Indians were naturally thrilled; now their countryman was the owner of a Formula One team. However, it was always going to be tough to run a team that was not doing so well previously. In the ever-so-competitive world of Formula One, where even a hundredth of a second makes a big difference, how would they fare? It was a tough situation. They inherited the Spyker chassis that was competing against teams at the end of the grid such as Super Aguri. But, there was potential. Who can ever forget the 2008 Monaco Grand Prix when their German driver Adrian Sutil was driving well in a wet race and in the running for points. Sadly, Ferrari’s Finnish driver Kimi Raikkonen rammed into the back of Sutil’s car after losing control and sent the latter out of the race. In 2009, Force India took a major step when they opted for engines and gearboxes from McLaren-Mercedes. The results started to come slowly. The biggest improvement was in the area of reliability. The big moment came in the 2009 Belgian Grand Prix when Italian Giancarlo Fisichella stormed to the pole position and finished second. In the next race, the Italian GP Sutil started second on the grid and finished fourth. The two finishes proved that they were heading in the right direction. Fisichella moved to Ferrari in the middle of the season and Italian Vitantonio Liuzzi came in. With drivers Sutil and Liuzzi, the 2010 season saw the team scoring points regularly. They finished seventh with 68 points in the constructors’ championship and just one point behind Williams. With Brit Paul di Resta coming in for Liuzzi, Force India was reasonably successful in the 2011 season also. The team scored 69 points and finished sixth among the constructors. Towards the end of the 2011 season, Sahara India bought a 42.5 per cent share in the team. Now, they were named Sahara Force India. As we come to the fag end of the 2012 championship, Force India are far more respected in the paddocks. They are no pushovers, but serious contenders. Di Resta and German Nico Hulkenberg have been scoring points regularly, with just two retirements in the season so far and the best being fourth places by both the drivers. They are currently seventh in the constructors’ standings with 89 points and four races to go. With the Indian GP coming up this weekend, they are sure to get ample support at the Buddh International Circuit in Greater Noida. Hopefully, they will scale greater heights in the seasons to come.

If US goes over fiscal cliff, dollar may fly

A possible belt-tightening to slash deficit could indicate fiscal discipline and enhance safe-haven appeal of the greenback

In times of trouble, investors tend to flee to the comfort of the US dollar – even when the trouble is emanating from the United States. If Congress fails to reach a deficit reduction deal by the end of the year, it will automatically trigger big spending cuts and tax increases in 2013. This so-called “fiscal cliff” would hit the still-recovering US economy hard. But rather than bring the dollar down with it, the automatic spending cuts could be viewed as a sign of fiscal discipline that would benefit the currency. Even if a protracted period of negotiations injects a heavy level of uncertainty into the markets, that could benefit safe-haven assets like US Treasuries, and therefore, the dollar. “We risk a recession in the first half of the next year and if that happens, the risk-off trade will firmly be in play, which should benefit the dollar in the same way it did during the last recession,” said Greg Anderson, G10 strategist at CitiFX, a division of Citigroup in New York. In a “risk-off” market environment, investors tend to drift towards investments perceived as safe havens. Congress is not expected to debate until after the US elections on November 6, but if the Senate and House of Representatives end up in stalemate, roughly $600 billion in spending cuts and tax increases will emerge early next year. If a budget agreement is reached, then the US economy should be on pace for stronger growth in 2013. Both the Congressional Budget Office and International Monetary Fund have said the $600 billion in austerity measures have the potential to cause another recession. US Federal Reserve chairman Ben Bernanke has also warned that the tax increases and spending cuts will cause a sharp contraction in economic growth. “It will be a net positive for the dollar as money flows into the greenback based on safe-haven flows more than anything else,” said George Davis, chief technical analyst at RBC Capital Markets in Toronto. Last year’s bitter partisan fight in Congress over raising the debt ceiling, the legal amount the US Treasury is allowed to borrow, caused the dollar to outperform the euro as investors sold stocks and other assets associated with risk and fled to government bonds. In July 2011, the euro lost 1% of its value, with a 0.4 percentage-point loss in the final week of the month before the cutoff date for raising the debt ceiling. The US ultimately paid a price for the political partisanship, losing its coveted top-tier triple-A rating from Standard & Poor’s. Still, the dollar gained about 0.9% in the week following that downgrade. Government debt prices also gained. To be sure, a US “fiscal cliff” could have such a dramatic effect on the economy and markets that the dollar could eventually weaken as capital flees to regions with more stable macro policy frameworks. If that happens, the Federal Reserve may be forced to undertake new stimulus measures, a negative for the dollar. Nevertheless, the dollar’s status as one of the safest and most liquid assets in the world should trump those concerns. The fact that there are few large, liquid economies that currently have stronger fundamentals than the United States would stave off some of that flight. Traditional safe-havens such as the Japanese yen or the Swiss franc could serve as alternatives to the dollar, but Japan is having similar issues with sluggish growth. At the peak of the US recession in 2008, the dollar appreciated 4.3% against the euro. Against a basket of major currencies .DXY, the dollar rose 5.8%. “Should we hit another recession, the dollar could rise by 10%, with a 5% gain in December before we hit the ‘fiscal cliff’ and another 5% gain in January,” Anderson said. “The shock effect helping the dollar will wear off after that.” The dollar’s performance against the single currency shared by 17 countries also hinges on the state of the euro zone’s three-year old debt crisis.

Britannia hikes bread prices

Grammage reduction, that old ruse in the fast moving consumer goods (FMCG) book, has finally come to the humble bread. Struggling to fend off competition in key product segments such as biscuits and maintain margins at the same time, Britannia has decided to play around with the weight of bread it delivers in various pack sizes while keeping the old price points more or less unchanged. Earlier, it sold an 800 gram pack at `30 across the country. Now, a 700 gram pack will cost `28 in Delhi and `30 in other states. Similarly, in place of the 400 gram pack that it sold for `15 in Delhi and `16 in other states and hills, the company will now retail a 350 gram pack at `14 in Delhi, `15 in other states and `16 in hills. Under the new packaging norm that comes into effect from November 1, companies are not allowed to sell products in non-standard grammage, such as 66 gram, 130 gram etc. However, this rule doesn’t apply to bread. Abneesh Roy of Edelweiss Securities believes this gives Britannia the leeway to reduce grammage and thereby take an indirect price hike. This is a win-win situation for a company – the consumer does not feel the heat, but its margins improve. Indeed, unknown to most customers, this is the third time Britannia has revised prices in less than two months, going by reports. Harvest Gold, Britannia’s key competitor in the National Capital Region, had taken a price hike in August. Still, three price hikes in such a short time wasn’t quite anticipated. Experts believe the latest hike was prompted by increasing agri input costs. According to V Srinivasan, analyst at Angel Broking, low stocks and high international prices have pushed the cost of agricultural inputs up in the domestic market. The prices of wheat, the key ingredient, has risen 12% in the last four month. The prices of eight essential commodities --- condiments & spices, pulses, wheat, sugar, edible oil, tea, coffee and milk --- have risen 18% on an average between September 2011 and September 2012 while the per capital income of the average Indian consumer has risen only 10%, said an Assocham report, released Tuesday. To be sure, bread is a highly fragmented market. The brand loyalty Britannia enjoys in the premium segment sure gives it some room to take price hikes. It also helps that major FMCG players such as ITC, GSK are not present in the segment.

Army generals wasted Rs.100cr in 2 yrs: Audit

Serious violations of norms by army commanders in buying defence equipment resulted in a loss of over Rs 100 crore of public money in two years. The was revealed during an audit of special financial powers of the army commanders for two years — 2009-10 and 2010-2011 — carried out by the comptroller of defence accounts (CDA) at the direction of defence minister AK Antony. According to sources, the auditors merely looked at 55 transactions in the seven commands of the army. During the probe, the auditors estimated a loss of Rs 103.11 crore in those 55 sample transactions. A bulk of these irregularities were noticed in the northern and eastern commands. The internal audit claims that while making purchases, “standard guidelines to purchase foreign equipment have not been followed repeatedly in the period by top army commanders”. The purchases included communication equipment, radio sets, high resolution binoculars, optical fibre cables, mine detection systems, bullet-proof jackets, etc. The auditor found that most of these purchases were made from agents instead of the original manufacturers. In some cases, middlemen were used even though the original equipment manufacturers were present in India, the auditor observed. Sources in the army said that in December last year, the comptroller general of defence audit had sent its audit observation to the army headquarters for its response.The army replied to all the observations in July. Meanwhile, the army has rejected the charges levelled by the auditors. “It is pertinent to mention that all procurements from army commanders special financial powers (ACSFP) are done through well laid out and time tested procedures. All procurements of items from ‘Army Commanders Special Financial Powers’ are vetted and concurred by Integrated Financial Advisors (IFA). In the complete procurement procedure, Integrated Financial Advisors (IFAs) play a very important role in all the stages of procurement by vetting the procedure and according financial concurrence. IFAs are advisors to the army commanders, on all financial matters and complete procurement under ACSFP is vested in the army commanders with the concurrence of IFA/CDA. IFA has full freedom for rejecting any proposal, based on rules and regulations in vogue,” army spokesperson Col Jagdeep Dahiya said in an official statement.

Property prices jump 35% in two years

Dombivli, Ghodbunder see highest rise of 66% and 54%, respectively

Property prices in Mumbai and its metropolitan region have increased by 35% in the last two years, says a study conducted by a real estate portal. Dombivli and Ghodbunder Road in Thane region witnessed the highest price rise of 66% and 54%, respectively while South Mumbai received a lukewarm response. The study conducted by 99acres.com revealed that all prominent localities in Mumbai and its peripheral region witnessed double digit percentage price rise between 2010 and 2012. According to the survey, Dombivli (E) registered almost 66% price rise while Ghodbunder Road, Thane (W) and Kalyan (W) witnessed 54%, 50% and 49% rise, respectively. Kamothe and Nerul in Navi Mumbai saw 54% and 45% price rise, while Panvel witnessed 29% appreciation in its property prices. Shailesh Puranik, managing director of Puranik Developers, said, “Thane and Ghodbunder Road is the central point in the Mumbai metropolitan region. It connects the western and eastern suburbs resulting in high demand of houses and rise in property prices. At Ghodbunder Road and Dombivli a buyer can get good quality houses at reasonable prices with ample amenities. The civic infrastructure has also improved significantly. Therefore these locations are most sought by buyers.” On the other hand, properties in south Mumbai saw only a marginal rise. Parel and Worli witnessed just 17% and 12% increase. Juhu registered a 39% price rise while Bandra (W) and Khar witnessed 28% gain. Atul Nemade, a real estate expert said, “South Mumbai will not see the price rise. They will remain stable or see marginal growth. If more redevelopment projects gets approved, then prices may decrease slightly. The Navi Mumbai airport which has been delayed is affecting the growth of Navi Mumbai. There is no no clarity on the redevelopment policy of Navi Mumbai’s dilapidated houses and the aviation ministry is also spending a lot of time to issue the approval for its adjoining site projects. Nevertheless, Navi Mumbai will remain one of the best locations for buyers in the future,” he said. Bhandup (W), Mulund (W), Powai and Mira Road witnessed price appreciation within the range of 44% to 49%. Vineet Singh, business head of 99acres.com, said, “The survey clearly indicates that high investment return corridors are slowly shifting towards the north end of the city. With better infrastructure and connectivity, areas located in the northern belt of the city are giving better returns.”

 

BIKE vs CAR

 

NOT JUST FOR STEERING 

The steering wheel of an F1 car looks complicated enough for a driver to need a degree just to operate it. We break down what all the buttons are for

Who’s the fastest of ’em all?