Modern notions of art and color

The development of art is linked to our interest in vision. Modern art emerged in France by artists such as Paul Gauguin(1848-1903), Paul Signac (1863-1935), Vincent van Gogh (1853-1890) and Paul Cézanne (1839-1906) in the second half of the 19th century. During the same period, scientists began to explore how we see. The new understanding of vision influenced the development of art and our understanding of it.

With the artistic and scientific revolutions of the 19th century, the tradition of sublime history painting, inspired by political, spiritual or mythological subjects, lost its dominant position. Likewise the unsparing vision of modern portraiture shows an interest in ‘truth’ rather than formal ‘high art’ values, or presenting an ‘image of power’. Artists now engaged with the depiction of modern life with its sometimes less sublime subject matters, which were increasingly depicted in non-naturalistic colors and forms. By the early 20th century, artists such as Henri Matisse (1839-1954) claimed that color and form could only achieve their full potential if they become independent from the objects they depicted. Importantly, modern artists emphasized the view of each individual artist, and hence, vision.

(Webexhibits)

Infrastructure woes may hit economic progress

Infrastructure (or the lack thereof!) is probably the biggest issue that affects the economy as a whole as well as the day-to-day life of the common man. Power cuts, water shortages and traffic snarls are now considered the norm in India.

It is estimated that inadequate infrastructure is responsible for holding back GDP growth by roughly 2% points, or an annual hit of approximately $20 billion to economic progress.

In contrast, infrastructure is one of the reasons why China enjoys 10+% GDP growth. China spends five times as much on infrastructure compared to India. Ports in China handle 5.6 billion tons of cargo compared to India’s 650 million tons.

Chinese industries pay less than half of what their Indian counterparts pay for power. Logistics costs in India are among the highest in the world at 13% of GDP. It is no surprise then that Indian companies find it hard to compete with China in large-scale manufacturing.

The benefits of infrastructure need no elaboration. Put simply, infrastructure reduces the cost of doing business, thereby expanding trade. The impact can be felt even at the grassroots level. For example, a farmer who used to be dependent on the nearest market to sell his produce (for lack of information and transportation), can now ascertain the prevailing prices in multiple markets and access the one that offers the best price.

Credit should go to the telecom revolution as well as recent improvements in the road transportation network (which still has a long way to go). We need to replicate these positive experiences on a much larger scale, in areas such as power, ports, irrigation and urban infrastructure, to name a few.

The country has no alternative but to invest heavily in infrastructure in order to compensate for decades of under-investment, especially with the economic engine humming and the cost-benefit being evident. In an ideal scenario, better infrastructure would lead to stronger economic growth, which in turn, would be able to fund and support additional investments in infrastructure, creating a virtuous cycle.

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Commercial space at reasonable rate is important for growth

Do you know the rentals of some of the commercial properties in Mumbai and Delhi are more than even upmarket areas of New York? A few may take pride thinking atleast we are ahead of America in one area! However, there is nothing to boast about it. In reality, high rentals are likely to adversely affect the Indian economy.

Consider the rentals of up-market areas like Bandra Kurla complex, Nariman Point in Mumbai and Connaught Place in Delhi. The current rentals in these places are as high as Rs 350 to 400 per sq ft. Whereas, the rate of similar space in America is not more than Rs 250 per sq ft. These facts came to the light in a recently published report by Ficci and real-estate consultant, Knight Frank.

It's not only the retail sector which is feeling the pinch of high rentals, BPO are also complaining about the same. Pranay Vakil of Knight Frank said, high rentals are putting heavy burden on BPO companies not only in big cities, but also in tier-two and tier-three cities.

Endorsing the views of Vakil, spokesman of the BPO Asso ciation of India Deepak Kapoor said, "The large number of global BPO companies started their operations in India mainly for two reasons. The first reason was that they could easily get large number of english speaking employees at a cheaper cost as compared to what they pay them in the any other part of the world. And the other major reason was that the cost of operation in India was much lower than any other country. When the companies started their operations some seven years back, rentals of commercial space - which constitutes major portion of the total cost of operations - were reasonable. It was then far cheaper than any place in America, England or Singapore. But unfortunately, today the scenario has changed."

Chairman of Aditya groups, Uma Aggarwal said both BPO and retail companies require huge space to start their operations. And in present scenario, the going is really tough for them. The rentals have gone up by almost 300% in areas like Gurgaon, which had emerged as the hub for BPO business. The rental in these area has gone up from around Rs 25 per sq ft per month in 2000-01 to Rs 100 per sq ft per month at present.

What's worse is that there is no space available for the next two years. Most of the areas which are under construction and would be ready for delivery in the next two years, have already been leased out.

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Kochi is the new realty hot spot

The queen of the Arabian Sea is now a hot destination for real estate giants. What is unique to Kochi is, the city has attracted almost every domestic property developer worth its salt, and a slew of foreign companies, mostly from the Middle East.

Leading real estate developers like DLF, Sobha Developers, Ansals, Purvankara, Confident Group, Oceanus, Unitech, Nitesh Estates, Housing Development and Infrastructure (HDIL), Prestige Group, Emaar MGF and Parsvanath Developers have all descended upon Kochi, the financial and industrial capital of Kerala, during the last 6-8 months with a cumulative investment of over $2.5 billion. Prominent among the Middle East-based business groups that have forayed into Kochi are KGA Group of Kuwait, EMKE Group of Abu Dhabi and Indroyal. Some of them are also investing in the hospitality sector to set up luxury hotels chains.

Property prices in the city have appreciated by around 60% in 2007. During the past six months, half-a-dozen developers have announced their plans to enter Kochi; many have already acquired huge parcels of land. “Property development and real estate activities have overshadowed the state’s booming tourism sector. This boom witnessed the emergence of many developers and projects,” an industry observer and a former builder said.

Recently, HDIL purchased a 70-acre plot from the government-owned HMT and announced its plans to set up an IT park at Kalamassery, near Kochi. HDIL is also setting up a Cybercity in the HMT land, which will have IT space, hospitality, retail and entertainment projects. The total investment in the project is estimated to be around Rs 2,000 crore.
According to Kerala Builders Forum chairman George E George: “Till a decade ago, real estate activity of each city was driven by local builders.” The bigger players acquired the financial muscle to launch multi-city operations after they raised resources through public issue route. “Even then, many of them missed the bus in Bangalore and Chennai as the rates peaked before their entry,” he said. “I think they have spotted the opportunity in Kochi and are moving in early,” he added.

Sobha Developers is setting up the largest township in Maradu, Kochi, called the Sobha Hitech City. Maradu is a high-potential suburb of Kochi with commercial projects, 5-star hotels, shopping malls and IT projects. The total investment in the project is estimated at around Rs 5,000 crore. Nitesh Shetty,CMD of Bangalore-based real estate firm Nitesh Estates, said the Kochi skyline has changed dramatically over the last few years and today it is one of the fastest growing cities in the country. “The city offers grand investment opportunities for real estate mainly due to reasons such as large NRI population who want to buy homes in Kochi and increasing IT jobs in the city,” he said. His company recently acquired around 5 acres of land in Kakkanad near Kochi.

Similarly, in 2006, India’s real estate giant DLF purchased 3.78 acres in Kochi from the state government for Rs 78 crore. The DLF Group is planning to build a shopping mall, a multiplex and a 250-room deluxe hotel in Kochi. “Cochin is poised for a quantum leap. The commissioning of Vallarpadom international container terminal and numerous IT parks will make Kochi the preferred destination for highly-paid executives,” a senior HDIL official said.

Though builders have been focusing on Kochi, the supply is still grossly inadequate when compared to the potential demand, according to builders. For example, in Kakkanad, the city’s IT destination, the Infopark alone will create close to 30,000 to 40,000 jobs in the next 3 years. But the supply by all builders put together would be just 10,000 to 12,000 apartments by 2010. Apart from this, the Smart City Project is expected to provide nearly 90,000 IT jobs in the next one decade. Several private developers are also developing IT parks in Kakkanad and nearby areas.

(via Economic Times.)

The new Mumbai airport: What will it be like?

G V Sanjay Reddy, 45, wears many hats. He is the vice chairman of GVK, one of India's largest infrastructure developers; MD of the Mumbai International Airport Pvt Ltd, which operates India's busiest airport; MD of GVK Jaipur Expressway, which operates the six-lane toll road project on the Golden Quadrilateral; and CEO of GVK Biosciences.

He is also on the board of the Hyderabad-based TajGVK. It's obviously helped that he is the only son of Group Chairman G V Krishna Reddy.

The GVK Group is working at a breathtaking space. It is constructing power plants and special economic zones, will build a port in Dahej, is bidding for the Ganga Expressway project in Uttar Pradesh, the Navi Mumbai airport and the Metro Rail Phase II.

These days, however, Reddy is mostly wearing the MIAL MD's hat, as the upgradation of the Chhatrapati Shivaji International Airport in Mumbai is one of the most challenging tasks any CEO can ever dream of, Reddy says. The job also involves taking decisions on hundreds of acres of land around the airport which is located in the prime area of Santacruz -- a reason why he has now got 24-hour security (a plain clothed guard is his constant companion).

He also doesn't take any call on his Blackberry if he can't recognise the number. "It's just a professional hazard," Reddy says, trying hard to be nonchalant about these "small" changes in his life.

We are at Masala Bay on the first floor of Taj Lands End in Bandra. The steward ushers us to an exclusive corner, which gives the ambience of a private dining hall. And the reason is quite obvious: the Reddy family is the owner of TajGVK, which runs the Taj hotel properties in Hyderabad. Reddy leaves the choice of food to the steward ("it's better to leave the job to experts," he says) and opts for buttermilk to start with. The steward looks mighty pleased.

The Mumbai airport project, which MIAL bagged in February 2006 in the face of stiff competition, has already completed its first phase of work. And the impact is visible. Take Terminal 1B, which now has gleaming granite, newly-planted waving palms, kalzip roofing (a rainscreen system) and substantially more personnel and counters. The airport now also has a rapid exit taxiway called India, which is saving around two minutes per aircraft movement.

GVK has also managed kerbside improvements, demolished over 600 toilets in the area to upgrade them and even imported furniture from Spain to improve the look and feel of the airport.

Surely, that must be the easier part of the whole airport modernisation plan? Reddy disagrees vehemently and says that it has been, in fact, one of the most difficult part of the job. "If we have managed to do this within the targetted deadline, the rest of it should be easy," he says.

Reason: GVK found that the Airports Authority of India didn't have ownership rights on over 45 per cent of the area within the airport premises. That involves over 400 litigation issues which kept his formidable team of lawyers busy throughout last year.

But they did a damn good job, Reddy says, as the starters arrive. The steward has been most generous indeed as the plate contains grilled chicken, lamb chops and chicken kebabs. For a moment, I mistake it for the main course.

Reddy looks pleased and proceeds to give a fascinating account of how the GVK Group met the formidable challenges that came its way. For example, the airport had given out 35,000 entry passes to all kinds of people who had very little to do with the core function: to make the airport work.

That posed a huge risk to security apart and streamlining these things take a lot of patience and hard work. "We run the risk of treading on too many toes," he says.

Besides, the country's busiest airport is spread over a mere 1,850 acres (the operational area in fact is just 1,450 acres), which is "peanuts" compared to Delhi's 5,000 acres. And apparently, the airport was violating 76 of the 77 universally recognised standards for international airports in the areas of runway rules and security distances to be maintained for smooth flights.

"In no part of the world would you be allowed to function with such non-compliance."

Quickly realising that this should not upset the powers-that-be, Reddy says the state government and the AAI have been most constructive in their suggestions and extending all help.

Another problem was that encroachments were far higher than what was initially indicated. Surveys conducted by MIAL found that the actual encroachments were in excess of 262 acres. But one of Reddy's crowning glories has been in managing slum rehabilitation. Hindustan Development Infrastructure Ltd, which is overseeing this aspect, has already identified 100 acres of land within three kilometres of the airport site.

The immigration system at the arrival area of the international terminal has been overhauled with additional counters making it amongst the fastest in the world. With additional check-in counters at Terminal 1B (80 in all, which is more than double of the earlier capacity) the entire area has been decongested.

The Mumbai airport also became the first airport in India to launch free Wi-Fi internet service throughout the domestic and international terminals. Free internet kiosks will also be set up in all terminals, with each terminal having at least one kiosk with four computers.

The main course -- rotis, chicken curry and baked fish -- looks appetising, but Reddy talks non-stop and eats little. The Mumbai airport makeover is clearly a passion for him -- something which has forced him to stay alone in Mumbai (he visits his wife and two children in Hyderabad only on Sundays) and skip scuba diving and trekking, reasons for his slender frame, for almost two years now.

Reddy's plan is to expand and upgrade the Mumbai airport infrastructure to cater to 40 million passengers per year in two years (against 17 million now) and double cargo movement to one million tonnes per year. In the second and third phases, the international and domestic terminals will be merged and the current domestic terminal will be converted to a dedicated cargo terminal.

With the parallel runway that is being planned, the airport will be able to handle about 60 flights per hour, compared to the current 500 flights per day.

The company is also looking at developing an elevated expressway that directly connects the Western Express Highway to the airport. A monorail system to facilitate passenger movement internally is also on the cards. Besides, talks are on to link the Mumbai airport to the Mumbai Metro.

The project cost till 2010 is Rs 5,200 crore (Rs 52 billion) inanced through a debt-equity mix of 80:20. The debt has already been tied up with Indian institutions led by UTI Bank and IDBI Bank.

The company has also submitted plans to the state government for extensive city-side redevelopment which will include the commercial development of hotels, convention centres and a recreational area in the proximity of the airport.

The main course is over fast -- a consequence perhaps of the rather heavy starters -- and Reddy is clearly in a hurry to leave. As his black Mercedes rolls in to take him to his office at the Chhatrapati Shivaji Airport, he says his group is also planning to bid for airports in other parts of the world. "If we can succeed in Mumbai, other parts of the world will hopefully be a cakewalk," he says.

(via Rediff.com)

REITs: Safe haven for realty investors

The introduction of real estate investment trusts (REITs) in India could be termed as the biggest move by the stock market regulator (SEBI) to serve the country's booming property market.

With this a developer can sell the building after construction is completed and reinvest the money in other projects. While retail investors and institutional investors can buy stake in the REIT and own these properties, rentals and other revenues would be given out as dividend.

“If you wanted to buy space in the heart of Delhi, REITs will give you an option of owning anything from a square foot to a whole building by picking up equity in the trust,” said Sanjay Chandra, MD, Unitech. “It is this organised retail participation that has made REITs a hit across the globe," adds Chandra.

But large builders have already firmed their plans for listing in Singapore with Unitech also got its approvals a few days ago.

Unitech has got informal approvals for its REIT valued at $1 billion in Singapore and it will raise at least $500 million from the REIT. DLF had got approvals last week for its REIT and it plans to raise $1.2 billion. Indiabulls also has plans to list a REIT in Singapore.

The big builders still see Singapore as the preferred destination because SEBI norms do not permit them to list a developer promoted REIT. However, few of them will sell a part of their commercial property to Indian REITs but would only like to sell mainly the non FDI compliant projects.

Industry experts tell NDTV that the SEBI legislation is tailor made for financial institutions and makes sense for mutual fund players like ICICI and HDFC to form REITs.

Surely REITs will boost returns for realty players and give retail investors a piece of the action in one of the fastest growing real estate markets in the world and most important give real estate markets depth and transparency.

The 7 basic steps of Feng Shui

Getting started with feng shui can be easy when you start with the feng shui basics and gradually move on to the more complex feng shui levels. To help you get started, here are some helpful feng shui steps for beginners:

1. Clear Out your Clutter, get rid of everything you do not love. Clutter Clearing is a time and energy consuming process that will feel like therapy, but it will help you "lighten up the load", so to speak. Do not skip this step, as it is an essential one in creating a harmonious, clear energy in your space.



2. Have Good Quality Air and Good Quality Light in your space - these two crucial elements are very important for good Chi, or energy. Open the windows often, introduce air-purifying plants or use an air-purifier. Allow as much natural light as possible into your space, and consider using full-spectrum lights.



3. Define the Ba-Gua of your space by using the feng shui compass. You will find out which areas of your space are connected to specific areas of your life by looking at your Ba-Gua. For example, Southeast area is connected to the flow of abundance in your life.



4. Study the Five Elements Feng Shui Theory to help you balance all the feng shui five elements in your home, as well as strengthen specific elements in specific areas. For example, if you are working on attracting more Abundance, you will introduce the feng shui element of Wood, as well as the Water element into the Southeast area of your space.



5. Find out your Feng Shui Birth Element and create your environment to support your own personal feng shui element. For example, if your own element is Fire, you would introduce the expressions of Fire, as well as Wood element, as Wood feeds the Fire in the feng shui relationship of the five elements.



6. Find your Kua Number and position yourself so that you benefit throughout the day from your best directions. Adjust the position of your bed, your home office, dining, etc. For example, if your Kua number is 1, you would do your best to face one of the following directions: Southeast, East, South, and North.



7. Always be mindful of the state of your home and how the energy in your home influences your well-being. Make a habit of paying close attention to the so-called "triangle" that is deeply connected to your health - your bedroom, your bathroom and your kitchen.
   
   Nothing is static in the world of energy, be wise and keep your house happy.