Artist creates sticky note Mona Lisa

An Iowa artist reproduced Leonardo Da Vinci's world-renowned painting, Mona Lisa, out of sticky notes for a contest submission.

US meltdown will further hit real estate market

The US financial crisis, which has seen some big Wall Street giants collapsing, is bound to have a cascading effect on the Indian real estate market that has already slowed down considerably over the past one year.

Global banks and brokerages have had to write off an estimated $512 billion in subprime losses so far, with the largest hits taken by Citigroup ($55.1 billion) and Merrill Lynch ($52.2 billion).

According to housing experts , about $4 billion has been pumped into the Indian real estate market by FIIs and venture capital funds. "Another $12 to $14 billion was to flow in within the next 18 months. This will not come anymore,'' said Pranay Vakil, chairman of Knight Frank India, a global property consultancy firm.

The collapse of Lehman Brothers, the most recent of the big names crashing, will have a tremendous effect on the already floundering property market in India. "Money is going to dry up. Options before developers are very few as they are not able to raise money. As a result, their existing projects will suffer,'' said Vakil.

Lehman Brothers Real Estate Partners had given Rs 740 crore to Unitech Ltd, for its mixed use development project in Santa Cruz. Lehman had also signed a MoU with Peninsula Land Ltd-a Ashok Piramal real estate company-to fund the latter's projects to the tune of Rs 576 crore.

According to him, longterm sentiments are bad and it will only worsen. Sources said several builders have started taking loans from private money lenders at high interest rates of 30% to 40%.

Anuj Puri, chairman and country head of Jones Lang Lasalle Meghraj said this is not the end of the global financial crisis. "A lot more will come out, which will have a negative impact on the property market,'' he said. Puri observed that in Tier 2 cities prices have already dropped by 15% to 20%. However, there has still been no price adjustment in Delhi and Mumbai.

"Developers are expecting business to pick up during Diwali . But it is unlikely to happen anytime soon. As it is, developers are facing a liquidity crunch. The big ones are using their own capital they made when the market was booming for the past four years,'' added Puri. However, he said that none of the builders had gone belly up.

Vakil of Knight Frank said builders are still holding on to their prices, and unless they lower the prices, demand for flats will not open up. "At lower prices, volumes will improve ,'' he added.

TOI has learnt that in Borivli east, a developer who was quoting Rs 7,300 a sq ft in his residential project, recently slashed the price down to Rs 6,300 a sq ft. "He sold about 35 flats during the Ganpati festival itself,'' said a broker.

A property expert, not wishing to be identified, said the recent collapse of banks like Lehman Brothers and other big financial institutions, will render thousands of employees jobless in India. "Many of these employees would have taken home loans. Unless they find new jobs fast enough, the banks will not offer them an extended buffer period to start repaying their EMIs,'' he observed.

Akshaya Kumar, CEO of Park Lane Property Advisors said the global crisis will see money dry up even further. "The developers will be strangulated further,'' he predicted.

(via Times of India)

Wind power on the rise

Wind is the fastest growing energy source in the world, and in the US wind farms have popped up in more than 30 states, producing enough energy to power an estimated 2.5 million homes a day. Thanks to growing concerns over natural gas prices, a desire for energy independence and incentives for renewable energy production, it’s expected this trend will continue. A clean, renewable energy source, wind energy systems generate no water or air emissions.

While critics of wind power point to a price discrepancy, noting that construction costs for wind-powered generators can run double those of fossil fuel plants, supporters counter that once wind facilities are constructed, there are no fuel costs, because wind, of course, is free. Likewise, they say that since maintenance is considered minimal, wind-power costs are competitive.

Experts say it’s relatively easy to harness the energy in wind- essentially you put a rotor on top of a tall tower, the wind blows the rotor, which is connected to a shaft, which drives an electrical generator to produce electricity. The American Wind Energy Association forecasts 6 percent of all homeowners in the U.S. will receive their electricity from wind by 2020.

Casa Mila Barcelona

Casa Milà Barcelona, or la Pedrera, by Antoni Gaudí is an apartment building with wavy walls.

The final secular design of the Spanish surrealist Antoni Gaudí, Casa Milà Barcelona is an apartment building with a fanciful aura. Wavy walls made of rough-chipped stone suggest fossilized ocean waves. Doors and windows look like they are dug out of sand. A comical array of chimney stacks dances across the roof.

This unique building is widely but unofficially known as La Pedrera (the Quarry). In 1984, UNESCO classified Casa Milà as a World Heritage site. Today, Casa Milà is used for cultural expositions.

(via About.com)

Architecture timeline

This page provides a quick history of architecture in the Western world, from prehistoric megaliths to modernist skyscrapers. Follow the links to find articles and photos for each period and style. Please note that architecture is a fluid art. Architectural styles do not start and stop at precise times, and the dates listed here are approximate.

Architecture in Prehistoric Times¹
Before recorded history, humans constructed stone circles, megaliths, and other structures.

Ancient Architecture²
3000 BC to 337 BC In ancient Egypt, Greece, and Rome, civilizations built enormous temples and shrines.

Early Christian and Medieval ³
373 to 500 AD. European architecture moved from the rectangular basilica forms to the classically inspired Byzantine style.

Romanesque⁴
500 to 1200 AD As Rome spread across Europe, heavier, stocky Romanesque architecture with rounded arches emerged.

Gothic Architecture⁵
1200 to 1400 AD Innovative builders created the great cathedrals of Europe.

Renaissance Architecture⁶
1400 to 1600 AD A return to classical ideas ushered an "age of "awakening" in Italy, France, and England.

Baroque Architecture⁷
1600 to 1700 AD In Italy, the Baroque style is reflected in opulent and dramatic churches with irregular shapes and extravagant ornamentation. In France, the highly ornamented Baroque style combines with Classical restraint. Russian aristorcrats were impressed by Versailles in France, and incorporated Baroque ideas in the building of St. Petersburg. Elements of the elaborate Baroque style are found throughout Europe.

Rococo Architecture8
1650 to 1790 AD During the last phase of the Baroque period, builders constructed elegant white buildings with sweeping curves.

American Colonial Architecture⁹
1600 to 1780 AD European settlers in the New World borrowed ideas from their homelands to create their own breed of architecture.

Georgian Architecture¹⁰
1720 to 1800 AD Georgian was a stately, symmetrical style that dominated in Great Britain and Ireland and influenced building styles in the American colonies.

Neoclassical / Federalist / Idealist¹¹
1750 to 1880 AD A renewed interest in ideas of Renaissance architect Andrea Palladio inspired a return of classical shapes in Europe, Great Britain and the United States.

Greek Revival Architecture¹²
1790 to 1850 AD These classical buildings and homes often feature columns, pediments and other details inspired by Greek forms. Antebellum homes in the American south were often built in the Greek Revival style.

Victorian Architecture¹³
1840 to 1900 AD Industrialization brought many innovations in architecture. Victorian styles include Gothic Revival, Italianate, Stick, Eastlake, Queen Anne, Romanesque and Second Empire.

Arts and Crafts Movement in Architecture¹⁴
1860 to 1900 AD Arts and Crafts was a late 19th-century backlash against the forces of industrialization. The Arts and Crafts movement revived an interest in handicrafts and sought a spiritual connection with the surrounding environment, both natural and manmade. The Craftsman Bungalow evolved from the Arts and Crafts movement.

Art Nouveau Architecture¹⁵
1890 to 1914 AD Known as the New Style, Art Nouveau was first expressed in fabrics and graphic design. The style spread to architecture and furniture in the 1890s. Art Nouveau buildings often have asymmetrical shapes, arches and decorative surfaces with curved, plant-like designs.

Art Deco Architecture¹⁶
1925 to 1935 AD Zigzag patterns and vertical lines create dramatic effect on jazz-age, Art Deco buildings.

20th Century Trends in Architecture¹⁷
1900 to Present. The century has seen dramatic changes and astonishing diversity. Twentieth century trends include Art Moderne and the Bauhaus school coined by Walter Gropius, Deconstructivism, Formalism, Modernism, Structuralism, and Postmodernism.

(via About.com)

Registration must for real estate agents

For the first time in the country, a state government, Haryana, has announced that real estate brokering services will have to be undertaken by licensed professionals. As a leading industry watcher puts it: “Real estate agents have been acknowledged as important links in the supply chain of real estate.”

The biggest benefit of mandating registration of brokers in Haryana is that there is some accountability built into the system. The early attempts at training real estate agents started in the late 1990s when the Housing and Urban Development Corporation (Hudco), through its training wing Housing Settlement Management Institute (HSMI), ran a real estate training course. Key parameters were identified and training imparted. Today, those trained realtors have formed an association — ACRI.

So what does registration of brokers do and who benefits? The primary beneficiary of the initiative is the consumer. Government agencies such as the National Housing Bank have been trying to find the formula to get brokers together. Explains Shashi Kant, president, Association of Accredited Realtors of India (ACRI), “This is a good initiative as it will tell the user that a credible set of people are working on the brokerage of the real estate transaction.”

In the US, every house that has to be sold has to be listed in the industry-sponsored Multiple Listings Service (MLS) that started in the 1960s. Agents who hold licences to operate in the area, get the details of the listings and after the transaction is concluded, are paid brokerage commissions based on formal applicable rates. But in India, anybody can become a real estate agent with no certification of skill sets or licensing for areas of operation.

So what are the specific skills required to service a customer? “When selecting a broker a customer has to ensure that the broker is familiar with the ground rules of the state or city and the trends of property development,” explains a urban finance specialist. The agent is the consumer’s first interface with the market and a licence will ensure a minimum level of credibility. As the authority which operates and liaises between the owner/developer and the user/.buyer, he should know what to recommend.

This is based on what clearances are required before a property can be transacted and what sanctions to be received. Recently, a developer had started selling a project with the tag NoC approved. Effectively this meant that the developer had received the No Objection Certificate from the authority to start applying for licences to build on that particular piece of land. As a first time buyer this may not strike the user, but the agent then becomes the authority to vet the jargon and ensure that the property is worth investing in.

He should know all the details of the property document, including the legal no encumbrances and building and development permits. He also needs to understand the carpet and super area formats, the loading by each developer as well as the locality profile so that he can advise buyers of the relative merits and demerits of the investment. As the most visible point of contact for a buyer, he should also be able to advise the buyer on whether the property is legally suited to secure home loans. This makes it imperative for him to understand financial advice as well as municipal charges and transaction costs. He also needs a working knowledge of the basic structural sufficiency norms for the area of operations as well.

Keeping this in mind the NAREDCO certificate course, a collaborative initiative of Guru Gobind Singh Indraprastha University (GGSIPU), NAREDCO and HSMI of HUDCO targets real estate agents, property brokers, sales persons, commercial and customer care executives and sales and home loan agents working any where in India.

According to NAREDCO, transactions in the real estate market are primarily linked through sales persons and brokers. Brokerage activities relate to selling, leasing, renting, managing, lending, soliciting and negotiating in return for compensation. Property transactions over the years have become very specialised and complex. Therefore, it is necessary for brokers and sales persons to acquire specialised knowledge of property laws and market operations.

NAREDCO has even evolved a code of conduct to regulate real estate brokers. According to Sunil Aggarwal, CEO of SARE Capital, a real estate-linked private equity fund, “This code of conduct and regulatory mechanism protects not only the consumer but the broker as well. The minute a broker or brokerage firm can formally get the deal signed off by the seller, the buyer and the adviser, the entire process protects all the parties. Delhi has a similar policy document waiting to be passed.

However, not everyone is happy. According to a leading consultant from Hyderabad who has been working in the field for over a decade, “The government has started thinking of regulation of real estate agents. However, unlike the insurance business where the Insurance Regulatory and Development Authority could impose certification on a uniform basis, the real estate industry still suffers from a major problem of rectifying and regulating land parcels, registration and transaction processes and even all-cheque deals. Without these, the regulation of realtors alone does not seem to have the desired effect.”

In the absence of such regulation, agents have been going for self-regulation as in the case of ACRI, National Association of Realtors of India and various small broker bodies. They insist on their members having PAN numbers and sales tax numbers so that some level of checks are maintained.

Self regulation or state imposed, the consumer today is demanding some authentication of the realtors who advise them on the biggest purchase of their lives. Can a right formula emerge?

(via Economic Times)

Mittal's street costliest in Britain

After being hailed as the richest Indian in the world and the wealthiest in the UK, it has now emerged that India-born steel tycoon Lakshmi Mittal resides on Britain's most expensive street.

In a list of Britain's costliest streets, the top slot has been grabbed by Kensignton Palace Gardens, popularly known as Billionaire's Row, where Mittal family has purchased three houses and was once home to late Princess of Wales Diana.

As per a ranking of Britain's 20 highest value streets, compiled by property website Zoopla, London's Kensington Palace Gardens is top-ranked with an average house price of about 41.4 million pounds, while Compton Avenue in Hamstead, North London, has come as the distant second with an average price of 7.5 million pounds.

All the 20 costliest streets in Britain are in London.

In June, Mittal reportedly purchased a 70-million- pound house for his daughter Vanisha in this street -- close after a world record 117-million-pound mansion bought for his son Aditya and the third for the family in the same area.

About four years ago, Mittal had purchased his first house on the Billionaire's Row for 57 million pounds.

The combined value of the three properties owned by Mittal family on this street is said to be valued at about 440 million pounds -- nearly 200 million pounds more than the amount paid for these properties over a period of four years.

The street has been home to a number of celebrities even before Mittals came to London. Late Princess Diana once lived in this street in the Central London and its current residents include Chelsea Football Club owner Roman Abramovich.

Kensington Palace Gardens is a private avenue lined with trees and dotted with foreign embassies.

In May 2008, Mittal purchased a lavish property near Israeli Embassy for a world record 117 million pounds from hedge fund tycoon Noam Gottesman. This property is said to be inhabited by Aditya Mittal, Mittal's son and group CFO of ArcelorMittal, along with his wife Megha and two daughters.

Mittal's latest acquisition on this street was formerly a Philippines Embassy and is being furnished for Vanisha, also a board member of ArcelorMittal.

Mittal owes much of his over USD 50 billion fortune to his stake in ArcelorMittal, the world's biggest steelmaker valued at over 100 billion dollars.

n the latest list of costliest streets of Britain, compiled by Zoopla, Kensington Palace Gardens and Compton Avenue are followed by Courtenay Avenue, Chelsea Square, Manresa Road, Ilchester Place, Spaniards Close, Elm Walk, Essex Villas and Gilston Road in the top ten.

Others in the top-20 list include Carlyle Square, Kensington Square, Eldon Road, Mulberry Walk, Cottesmore Gardens, Victoria Road, Earls Terrace, Winnington Road, Ingram Avenue and Albert Place ranked last with a price tag of over 4.5 milion pounds.

(via Yahoo.com)