An Open Letter to Gen. Pervez Musharraf

Dear General Musharraf,

I am notorious for proffering unsolicited advice to politicians in India which is consistently ignored. Thereby I have acquired a thick skin. I am now proffering unsought advice to you after your arrival in Pakistan. I am writing to you because I believe that you can play a decisive role to resolve the crisis in Pakistan and thereby stabilize relations with India.

Your physical courage has never been in doubt. By personally crossing the Indian border into Kargil before launching your army’s assault you displayed foolhardy courage. Your entering Pakistan despite terrorist threats is equally courageous. The question is whether you can display in the same measure intellectual and moral courage to help stabilize your country and the region. I believe you can if you only summon the vision to think big and dare to gamble big. I believe you have the potential to initiate change because your unique experience has given you insight into adversarial sides of several contentious issues.

The army and the civilian government in Pakistan often have conflict of interest. You have headed both the army and the civilian government and have seen both sides of the coin. As army chief you were a hawk against India and scuttled the peace process by launching the attack on Kargil. As President you recognized the imperative of peace and made the only tangible and constructive peace proposal to emerge from Pakistan. I believe the Indian government should have responded to your formula by making a counter proposal. As far as I know I was the only obscure unnoticed commentator to make a counter proposal.

I wrote that joint management of Kashmir by the governments of India and Pakistan as you had suggested was unrealistic as long as both armies were in contention. I therefore proposed that there should first of all be agreement on establishing joint defence between both nations. Your initial formula is not dead. It can still serve as the starting point of fresh efforts to revive peace talks. But to resume peace talks Pakistan first of all must acquire stability and cohesive government. Achieving that should be your first and primary goal.

The main task facing Pakistan is fourfold. A strong cohesive government representing equally all the provinces is needed to govern effectively. A working relationship between the army and the civilian government has to be established. The rivalries between different ethnic and linguistic groups have to be defused. And a successful assault against terrorist forces has to be launched. Dare I state that you are best equipped to deliver on all these fronts?

The four major groups inside Pakistan comprise the Pashtuns, Punjabis, Sindhis and Mohajirs. For the moment keep aside the Baluch people who present a case apart. Their problem should be addressed only after tackling terror. The Sharif brothers represent the Punjabis; the Zardari-Bhutto family represents the Sindhis; Imran Khan, Maulana Fazlur Rehman and Afsandyar Wali Khan represent the Pashtuns. The Mohajirs have no fixed region and are clustered mostly in Sindh. Their leader Altaf Hussain is self exiled in London. You, General Musharraf, are the tallest Mohajir leader.

To recognize the fundamental problem facing Pakistan you will need to summon great intellectual courage. You will have to accept that the Partition was avoidable and unnatural. It occurred because the leaders of India and Pakistan grievously erred. Altaf Hussain has already stated that accepting the Partition was the greatest mistake made by the Muslim community. You might recall that you once said that India was like Israel. I rebutted you by writing that I as a Lahore Punjabi was forced out of my birthplace while your family left its birthplace to move from Delhi to Lahore to help carve a new artificially created nation state. I asked that while assessing you and me; who was like the Israeli and who was like the Palestinian? But now Pakistan is a fact of history with generations of loyal citizens committed to their nation. Long live Pakistan! But even as independent and sovereign nations India and Pakistan need each other. I believe you recognized this after becoming President which is why you made your peace offer. So now to stabilize Pakistan, to achieve harmony between the civil government and the army, to fight terrorism and to introduce vibrant democracy, what can you do? I suggest you take the following steps.

First, make a public declaration that you will not contest the election and not aspire for any elective post. If you jump into the electoral fray what are you likely to achieve? I think at best you may create one more party in a hung assembly and then jockey for position in coalition bargaining. That will not bring a change in the current situation. What Pakistan needs is a government with a nationwide mandate capable of delivering governance. So what should you do?

You must abjure office. You must renounce power. Sometimes the kingmaker is greater than the king! You must acquire influence. You will succeed if you establish moral authority. You must declare as your mission the unification of all the major political parties into a single national consensus alliance that may jointly fight the election and jointly govern the nation. At this point of time Pakistan needs a truly national government. You must help create that. To do that you will have to formulate a common agenda based on decentralization that will suit all the regions and be acceptable to all the parties. You will have to create the agenda that rationalizes and stabilizes relationship between the army and the civilian government by addressing both systemic and security concerns. You have the moral authority to attempt that. You will have to persuade the army to accept in principle joint defence with India in order to win the war against terror. Without such an arrangement terrorists will continue to bleed both our nations.

All this you might achieve if you renounce office and cease being a contender. You must become the catalyst for change.

You might consider these suggestions wildly outlandish. Most people would agree with you. But tell me, without an approach that is as radical if not more, is there any hope of overcoming the present crisis? Do not for a moment think that I am proffering this unsolicited advice because I love Pakistan. I am writing this because I am concerned about India. Unlike some Indians I believe that the fate of our two nations is as inextricably linked as was between the Corsican Brothers. So think, General. Is it your ambition to find a place in power or your place in history? Do you want to serve your fledgling party or serve posterity?

Yours sincerely,

Indian Brother who loves you

IPL 6 'New Faces' : The 'Greatest Cricket Tamasha'

There are several new names in the IPL ranks following the auction earlier this year, and here we profile those who could make an impact for their respective franchises.

Glenn Maxwell (Mumbai Indians)
Maxwell, 24, is a batting allrounder from Victoria who bowls offspin and is known for his excellent fielding. In 40 Twenty20 matches, Maxwell averages 21.96 with the bat and 30.20 with the ball. He first broke into the Australian limited-overs side in August 2012 and since then has played nine ODIs and Twenty20 internationals. The big question is: will Maxwell justify his $1 million price tag?

Sachitra Senanayake (Kolkata Knight Riders)
The tall 27-year-old offspinner has played seven ODIs and two Twenty20s for Sri Lanka, having earned an international debut in 2012 following a string of successful performances on the domestic circuit. In the 2011-12 Premier Limited-Over tournament, Sri Lanka's main one-day competition, he was the highest wicket-taker with 16 in six games at 11.18. Senanayake last played an international in June 2012. KKR forked out $625,000 for him.

Darren Sammy (Sunrisers Hyderabad)
Sammy, who captained West Indies to the ICC World Twenty20 last September, was bought for $425,000 by the latest IPL francise after previously never being part of the tournament. As an allrounder, Sammy brings to Sunrisers the experience of 40 Twenty20 internationals and 70 Twenty20 matches, from which he has taken a combined 104 wickets and scored 1698 runs. It remains to be seen how the franchise slots him into their playing XI, given that they paid $675,000 for Sri Lankan allrounder Thisara Perera.

Kane Richardson (Pune Warriors India)
Richardson, 21, is seen as one of the brightest pace prospects in Australia. He impressed during Australia's run to the Under-19 World Cup title in 2010 and has since then lined up good limited-overs numbers playing for South Australia. Richardson has played one ODI, against Sri Lanka in January. He was bought by Pune for a whopping $700,000.

Chris Morris (Chennai Super Kings)
Valued at $625,000 by CSK, the fast-bowling South African allrounder has acquired a reputation of a successful limited-overs cricketer and made a name for himself during the 2012 Champions League Twenty20 where his domestic side Lions reached the final. In the tournament he hustled batsmen with his raw pace and upsetting lift from the deck from a tall frame. He is capable of bowling in the mid-14okph range consistently and can also hit the ball hard, as evident by a Twenty20 strike-rate of 172.29. Morris, 25, has taken 34 T20 wickets at an average of 16.68.

Nathan Coulter-Nile (Mumbai Indians)
Coulter-Nile has been an active domestic cricketer for Western Australia since 2009 and in 26 Twenty20 matches since then has taken 25 wickets with a best of 3 for 9. A tall right-arm fast bowler, he has impressed many in Australia.

James Faulkner (Rajasthan Royals)
Just 22, Faulker is rated highly in Australia as an allrounder and his rise is being regarded as crucial to the health of his country's cricket. A left-arm fast-medium bowler and right-hand middle-order batsman, Faulker has played two ODIs and T20Is. In 33 Twenty20 matches he has 35 wickets at 24.34.

Ravi Rampaul (Royal Challengers Bangalore)
The West Indian fast bowler went for $290,000 as RCB sought to bolster their pace-bowling attack. The team does not have a strike bowler who can bowl bursts of pace and so Rampaul, with 93 Twenty20 wickets under his belt, fits this requirement suitably.

Samuel Badree (Rajasthan Royals)
Badree, a legspinner from Trinidad & Tobago, signed with Rajasthan before the big spending day in Chennai. An experienced Twenty20 bowler with 59 wickets at an economy rate of 4.83, the 32-year-old may find it tough to make Rajasthan's XI with Brad Hogg and Kevon Cooper ahead in the line.

Which of these new faces do you think will have the biggest impact in IPL 6?

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Pakistani singer Atif Aslam is all set to tie the knot with Sara Bharwana

Now, Freedom From Diet Food

It is estimated that 95 per cent of those who lost weight on a diet, gained it back in no time. INN tells you why diet based on deprivation never works.

We know of people who lost weight and kept it permanently. Yet, we know of many more who went on a diet, lost weight and regained more than what they had started with, ending up depressed and frustrated. It is estimated that 95 per cent of all those who lost weight on a diet, gained it back. This is because most diets are based on deprivation. That is why they mostly fail — fail, not in losing weight but in keeping it that way. Why is it that despite knowing the basics we continue to fall off the wagon — eat wrong or overeat? Scientific findings from researches in psychology and marketing have provided some insights into eating behaviour. The identification of individual behaviours, perceptions and beliefs associated with eating is key to improving the efficacy of dietary treatment.

Before embarking on an altered lifestyle programme, it is important to know what you are going through. Body image and health are the two most compelling issues. Secondly, are you open to change? Finally, are you ready for what is called “mindful eating”? Awareness about your diet and principles of healthy eating is all that it takes to get where you want. But remember — set realistic goals.

Many of us would have indulged in mindless eating at some point in our lives. Eating without hunger because of external or environmental cues, simply for pleasure or for comfort, is something we all do, no matter how literate we are about diets and nutrition facts. External cues are often hidden and are known to influence our appetite and have very little to do with hunger. These include family, friends, packages and plates, names and numbers, labels and lights, colours and candles, shapes and smell, distractions and distances, cupboards and containers. Visual cues are very powerful drivers to eating and determine how much we eat. Most of us don’t stop eating even when we are full.

Understanding why you eat the way you do, you can eat a little less, healthier and enjoy a lot more. Here are some tips which can help keep you eat right:

Stop eating when you are “no longer hungry”, not when you are “full.” The adage that you must stop eating when you have still have hunger for one more chapati or until you are just 80 per cent full helps. Put your spoon or fork down between each bite. Ask yourself whether you are hungry or wanting to be full. The “not hungry” situation happens earlier and that’s when you stop.

Don’t eat with your eyes, eat according to your hunger. Take control of subtle influences in your environment that can persuade you to eat or overeat. Eat slowly and don’t worry about plate waste, think about your waist. The need to finish all that is on the plate from our childhood and the dislike of waste drives you to eating regardless of our hunger.

Learn to say “no” politely but firmly. Avoid the “just one more” request. If you don’t wish to eat, don’t succumb to pressure. You may request for an appropriate choice for yourself.

Pre-plate your food. According to research, people eat 14 per cent less when they take smaller amounts and then go back for seconds and thirds. Mostly people tend to eat less if they put everything on their plate like in a traditional thali or the Japanese “bento box” and are able to see how much they are going to eat. However, few people who like to be busy with food for longer should go in for smaller portions and go in for second and third servings.

Control your portions. Use smaller plates, bowls, spoons, cups and glasses. It helps create an illusion about the volume of food you eat. The larger the portion, the more you eat; the bigger the container, the more you pour. When eating out, if portions are large, don’t hesitate to ask the waiter to pack some of it before it reaches the table.

Eat slowly and make overeating difficult. It takes about 20 minutes before the brain gets the signal that the stomach is full, meaning that if you eat fast in less than 20 minutes, then the sensation that the belly is full will arrive too late.

Create distractions. When there is an urge to eat, distract yourself. Resist your urge to go to the fridge or the larder. Instead, step out or keep busy. Try water, fruit or a healthy snack.

Identify danger zones. Fix the food according to the atmosphere — after office, in the evening, late night or while watching television, chatting with a friend, studying, partying or dining at restaurants. Do not hesitate to seek professional help.

Plan your day and decide beforehand how much you will eat in each meal. Depending on where you are likely to be through the day, plan and allocate calorie allowance. When out shopping, ensure you carry some healthy snacks with you.

Make comfort foods more comforting. Try smaller portions of your favourite comfort foods or choose healthier options. Honey-coated nuts instead of biscuits is not such a “sacrifice.” Don’t keep unhealthy food in your room or home.

Follow a half-plate rule. At least half of your plate should be vegetables and fruits. Divide the rest in protein (low fat dairy, pulses, legumes) and starch (chapati, rice, bread or other cereals).

Do not use food as a punishment or reward. Healthy food should be fun and a way of life. Vary, innovate and create new recipes.

Beware of “smart marketing”. Many so-called “diet or health foods” may be giving you higher calories, fat or sugar than the regular ones. “Fat free/cholesterol free” may be loaded with trans fats or sugar.

Write a diary. It is one of the most powerful tools staring at you in the face like a mirror. So, next time you resolve to improve your diet, start by reaching out for a pen and a paper.

Moderation and balance. If you must have a food which is not so healthy, follow the principle of moderation by eating a fraction of what you would normally, rather than struggle with your willpower. If you have not been able to hold back and eaten excessively, then apply the principle of balance — a light meal. Use food trade-offs so that you can indulge sometimes.

A good diet should teach you to eat rather than avoid or deprive. The best diet is the one you don’t know you are on. “Diet” must be a way of life.

Hyderabadi Biryani Holds the Fort

Though Biryani has put the Hyderabadi cuisine on the world map, the changing times have taken a toll on the quality of this culinary tradition.

If any one dish has come to be known as the representative of Hyderabadi or Deccani cuisine, it is the lip-smacking Biryani, the famous meat-and-rice dish known for its unique taste and aroma world over. But it would be gross injustice to say Biryani is one, and all of this royal cuisine was born in the palace kitchens and spread gradually from the dining tables of the nawabs to the streets.

Though closely identified with the Nizams of Hyderabad, whose rule from the early 18th to the mid-20th century was spread over present-day Hyderabad, Telangana, Marathwada and parts of Karnataka, the Hyderabadi cuisine took a much longer period to evolve into one of the most celebrated cuisines in the world.

The Hyderabadi cuisine, as it is known today, is the result of the influences and interactions of several cultures over many centuries, starting with Qutub Shahi dynasty of Golkonda. You can feel the influence of Persian, Arab, Afghan and Mughlai cuisines on the rich and colourful Hyderabadi dastar khwan (dining place). Then, the local traditions of the use of spices, especially chilly and khatta (tamarind) from Telangana and Marathwada, have also made no minor contribution.

If Biryani, with as many as 26 different varieties from Nizam’s kitchens, was evolved from Turkish food, Haleem, a syrup-like dish made of gyahoon (wheat), ghee and gosht (mutton) was a gift from Iran. Harees was another version of the same dish brought by Arabs to Deccan. Kababs in various forms, tastes and aromas were the result of interaction with the Afghani and Mughlai kitchens.

But it was neither Biryani nor the famous dessert Double Ka Meetha (bread pudding) which marks my childhood memory of this famous cuisine. I distinctly remember my maternal grandfather, in sherwani and the red rumi cap, using his famous culinary skills at home to make Muzbih and Murgh-e-Musallam with aroma travelling far and wide and taste lingering in the mouth for a long time. Muzbih was a dish of a big piece of mutton cooked on wood fire slowly in the syrup of spices and herbs and dry fruits. Murgh-e-Musallam (full chicken) was an unforgettable image in its colour and richness as my maternal grandfather deftly cut open the breast of the bird, cleaned its guts and thoroughly filled it with spices and dry fruits; he then sewed it and cooked in a pot sealed with wheat flour.

As I grew up eating the regular feasts of Hyderabadi dishes like Baghara Khana, Dalcha, (rice, daal and mutton) and Nihari Paaya, it was the Biryani which became the symbol of the growing name and fame of Hyderabadi cuisines across the seas as migrating Hyderabadi gourmets and connoisseurs took its aroma and tastes wherever they went from Americas and Europe to West Asia.

But the most memorable image was seeing the Englishmen and women standing in a long queue, shielding themselves from the light snow outside the Khan’s Restaurant in central London awaiting their turn to have a taste of the Biryani. But to my dismay it turned out to be a fake one — Bangladeshi cooks trying to pass it on as the real one.

Today even in Hyderabad one gets to see and eat Biryanis in varied forms and tastes, some good, some passable and some awful (no disrespect to food meant). As one sees beef Biryani, chicken Biryani and even vegetable Biryani, the old-timers smirk, “Beta yeh bhi koi Biryani hai. Biryani to sirf mutton Biryani hoti hai, baaqi sab bakwas (Son, this is no Biryani; only mutton Biryani is real, all others are fake).”

The list of the dishes on Hyderabadi cuisines is indeed long and is as varied as the nawabi households. Like in traditional music where every gharana had its distinct identity and touch with its own strains and ragas, the nawabi gharana of Hyderabad had come up with as many varieties of food as it had a number of cooks, now calling themselves chefs, each trying to outwit and out-taste the other. So, from Dum Ki Biryani and Kachche Gosht ki Biryani to Zafrani Biryani (rich in saffron), we had a list of 26 varieties with which the last Nizam of Hyderabad used to treat his guests. The story of Biryani, however, cannot be complete without Baghare Baingan (brinjal stuffed with spices and cooked in thick gravy) and Dahi ki Chutney (known as Burhani).

The rhyming words like Biryani, Burhani and Qubani, all part of the cuisine along with the Sherwani, the dress of the royal, used to sound so musical that they used to bring a myriad of images in one’s mind. “With the passage of time, everything has changed. It is difficult to find the original tastes and aromas. But still there are lovers of good Hyderabadi food. But in general, people are ready to compromise on the quality and standard for the sake of cost-cutting”, says Mohammed Siddique, one of the famous caterers of Hyderabadi food.

Siddique, who personally cooks the food, says, “Some of the famous dishes like Luqmi-Kabab have vanished from our dining tables. They were integral part of the nawabi kitchen. Earlier, Hyderbadi cuisine used to be simple with fewer dishes but of higher quality. Today, the emphasis is on larger number of dishes, even if they are not tasty.” One major change I have felt is that mutton has slowly given way to chicken. A normal Hyderabadi

dining table, especially in weddings and big parties, today will be loaded with three to four different dishes and kababs of chicken and hardly any mutton. “This change has come about because of the economics of the food. As mutton turned costly, and production of chicken increased over the last two decades, this trend became more pronounced.” At the same time, with the onslaught of pizzas and burgers, pastas and pepperonis, and Chinese noodles and tofu, Hyderabadi cuisine is facing the competition on the home turf.

Haleem is another example of this change. Cooked over slow wood fire for eight to 12 hours, this mix of wheat-mutton, spices and herbs is no more what it used to be. Today this seasonal dish, available only in the month of Ramadan, is available in varied forms and improvisations. Some special Haleem will be laden with Chicken-65, a contribution of growing Chinese influence, and some will be garnished with chicken and egg pieces.

Nihari with Paayas and Zubaan (soup of goat or sheep’s feet and tongue) is also fighting a losing battle against the much simpler and less costly Idli Vada, the invasion from coastal Andhra. Nihari-Kulche, along with Khichdi-Keema, papad, achar and khatta used to be integral part of a Hyderabadi breakfast. But not anymore. The number of hotels serving them is falling and very few families and households have time and energy to spend hours in preparing them.

But, given the weakness of Hyderabadis for the sweets, all the good old deserts have not only survived but also flourishing. Qubani Ka Meetha (apricot pudding) is still the king in various forms. Double Ka Meetha, matching Shahi Tukda’s of Mughlai cuisine is still around. Badam ki Jaali, Gajar Ka Halwa, Faludas and Firni, and Gil-e-Firdaus or Kaddu ki Kheer — you name it and you have it. No wonder, Hyderabad has become the world capital of diabetes. But never dare to say this to Hyderabadi food lovers.

Indian Real Estate: Investors Are Shopping, But Are They Buying Hype?

Drive through any of India's major cities and it will be impossible to go a mile without running into brightly colored cranes, construction rubble and men in yellow helmets scurrying up and down skyscrapers. Commercial high rises, residential townships, industrial parks and shopping malls are exploding into existence, encouraged by both long-term and speculative investors. Oversized private equity commitments by a growing number of foreign investors and home-grown financial institutions are helping to feed the frenzy.

But several astute industry watchers have begun poking big holes in that picture. For one, they say that many foreign investors have actually brought in only a small portion of their promised investments. Second, soaring land prices and price resistance from buyers are narrowing investors' margins significantly. Finally, they note that concerns continue to run high about the regulatory opaqueness for real estate ventures, bureaucratic red tape and the absence of title insurance, in addition to a host of other issues. India Knowledge@Wharton spoke with prominent private investors, property developers and brokerage firms to understand how these factors are tempering investors' appetites for Indian real estate.

With yields between 30% and 40% during the past two years, India's real estate industry has been the toast of global investment funds. But expectations for future returns have been sharply reduced to between 12% and 20% over the next few years. For many foreign investors, this means having to weigh Indian real estate opportunities against deals that offer comparable returns in other emerging markets like Eastern Europe or Latin America.

Fears of a real estate bubble and an overheated economy have led India's central bank to require a lender cutback on real estate loans. That move has pushed up interest rates, lowering consumers' appetites for home financing and simultaneously raising rents for apartments and offices. Most Indian real estate companies are privately held and their financial information is not readily available. The absence of comprehensive market data across product types like office, retail, industrial and residential properties further hurts the ability of investors to read the right signals, and the occasional rumor of a large deal going bust or a property developer resorting to a distress sale can damage investment sentiments far more than warranted.

More Hype than Actual Investments
Clearly, local investors understand the terrain far better than foreign investors. Much of the foreign capital committed to Indian real estate ventures has yet to be invested, says Aashish Kalra, co-founder and managing director of Trikona Capital, a private equity firm with offices in New York City, London and Mumbai. "Last year, less than $1 billion [was actually invested in] Indian real estate. That's less than the value of half a building in Times Square," he says. That compares with market estimates of between $15 billion and $20 billion in foreign capital headed for Indian real estate.

Kalra cited these figures during a panel discussion on real estate investing at a recent New York City event organized by The Indus Entrepreneurs (TiE), a network of entrepreneurs founded 15 years ago in Silicon Valley. "A negligible amount of foreign capital will get invested in Indian real estate in the next 24 months," he told the panel.

Sameer Nayar, managing director and head of real estate finance-Asia Pacific at Credit Suisse, offers a similar assessment. "There is a lot of hype about capital going into Indian real estate ... [but] not a lot of money is actually going in," he says. Extracting good returns from those investments calls for significant local market expertise in dealing with regulatory and other obstacles. "You make money because you can deal with the problems, and that's why your returns could be 50%," he adds. "If it were an easy market to work in, you would make only 15%."

Short-term Disenchantment
In April 2006, Trikona Capital group firm Trinity Capital raised 250 million pounds ($500 million) for Indian real estate investment in a public offering through London's Alternative Investment Market (AIM). Kalra says his company has deployed about $400 million in Indian real estate projects over the past year.

Including Trinity, about a dozen real estate funds targeting India have raised a combined $2 billion in the past year through listings on the AIM. Most of them are currently trading at levels significantly below their offer prices, revealing investor disenchantment. Trinity's share made its debut in April 2006 at one pound; it now trades at about 86 pence. Hirco, an Isle of Man-domiciled company promoted by the Mumbai-based Hiranandani Constructions group, raised about 382 million pounds ($755 million) from its IPO last December; since then, its shares have lost considerable sheen, down from 5 pounds to about 390 pence in the second week of May. Exceptions include Unitech Corporate Parks, which listed on the AIM last December at 93 pence and now trades at 96.25 pence.

"We see the opportunity [in Indian real estate], but we also see the risks and challenges involved," says Chanakya Chakravarti, managing director of real estate at Actis, a London-based private equity fund that manages assets of about $3.4 billion. Actis plans to set up a $300 million India real estate fund. It already has two other existing funds with an estimated equity of $475 million that have invested in Indian real estate, auto ancillaries and other industries. "Each fund has a unique risk-return profile, and we work with these. For us, India is a long-term story," he adds.

Chakravarti lists three main risks or challenges that real estate investors in India will be up against in the short term. The first, he says, is an oversupply of office space in the major and second-tier cities. A hazy regulatory framework fostering indecision and delayed investments is another concern. Finally, he notes, opaque deal-making processes that narrow the exit routes will deter serious investors.

"The property market today is rife with uncertainties. Prices as well as interest rates have been rising," says Anuj Puri, managing director of real estate services firm Trammell Crow Meghraj, the Indian joint venture of Dallas, Tex.-based real estate services firm Trammell Crow and the Meghraj Group, a financial services firm in London. "It is not advisable to expect any short-term gains; but of course, for long-term investors, India's strong fundamentals are still intact. A long-term investor can expect average returns of 15% to 20% per year."

Vikas Oberoi, managing director of Oberoi Constructions in Mumbai, says the risk-return profile for real estate investments is far brighter for those who have accumulated land inventory at prices much lower than prevailing levels. "The average net margin in today's market is 20% to 25%; we can easily do 15% better than the market," he says. Oberoi claims his company can achieve those higher returns because, among other reasons, "most of the land has been bought earlier."

Oberoi Constructions has an inventory of 15 million square feet of mostly prime land in Mumbai. At today's prices, Oberoi expects it to generate gross revenues of $2.2 billion. The company is focused mostly on for-sale residential apartments, although it dabbles in shopping malls, hotels and other commercial property lines. Oberoi expects his company to post $200 million in revenue this year, rising to $300 million in 2008.

This past January, Morgan Stanley's Special Situations Fund invested $152 million for a 10.75% stake in Oberoi Constructions, effectively valuing the company at about $1.4 billion. Oberoi says the untapped upside in his company's land bank was a major attraction for the institutional suitors it attracted. For instance, five years ago it bought a land lot with 8 million square feet in Mumbai's northwestern suburb of Goregaon for Rs. 100 crore ($24 million). Oberoi says the property would be worth 20 times more today.

"Where is the supply? There is only demand," says Oberoi. "In fact, I want the market to stabilize or [prices to] come down because then we would get land at cheaper prices. It is absolutely a seller's market."

Second-tier Migration
The most visible changes in the Indian real estate sector include the emergence of well defined product categories, the division of the market into tiered cities and a widening of financing options.

In the past, real estate was sold either as residential or as commercial property. With the maturing of the market and globalization of the investor base, the categories have been sharpened and new ones established. "Investors in the residential market are very different from the office and retail space investor," says Sanjeev Dasgupta, CFO and head of investments at Kshitij Investment Advisory Services, part of the Future Group, a large Mumbai-based owner of shopping malls across the country. In the residential sector, investors are in for high returns and are willing to take high risks, he says. This also allows for easy exit, although the risk of a mismatch between potential and real returns is high, he adds.

According to Poonam Mahtani, a national director of retail services firm Colliers International in India, "The investment risk is lower in the metros, but prices there are much higher than those in tier II cities." Several equity funds have consciously focused on tier II cities, because they believe that this offers the most potential. "Land prices are skyrocketing. Buying to sell is a very risky strategy. Land prices are way beyond levels that will generate a decent return. It doesn't make sense to invest any more unless you go to second- or third-tier markets."

Kalra, too, sees the markets outside of India's major cities as the most attractive, simply because they are not the low-hanging fruit sought by the early crop of investors with relatively lower risk appetites. "There are lots of opportunities outside the main metros. India has 30 cities with a population of a million people each," he says. Adds Dasgupta, "The returns are huge in tier II cities, where there is a large untapped potential." He believes that this sector will see a rental yield of 12% to 14% in the next few years.

In office space, experts see a migration towards second-tier cities. A recent report by Deutsche Bank on real estate trends notes, "As the demand for modern space has continually increased, new office locations have had to be developed in the south and east of the urban area (Mumbai and Delhi)." In Mumbai, secondary business districts have emerged in recent years, including the Bandra-Kurla complex in the central suburbs, 25 miles from the old commercial hubs in the southern end of the city.

Much-needed Transparency
For foreign investors, one troubling fact is a pan-India phenomenon: inadequate transparency in land valuations they use to price their investments. In an interview last month, M. Damodaran, chairman of the Securities and Exchange Board of India, discussed the lack of clarity in real estate companies' disclosures, especially with respect to their land banks. "We sought clarity ... on matters like, 'What does your land bank comprise, [and] what are the valuation aspects you have indicated?'" he told the India news wire service. "Where there is only an agreement to develop land, there must be complete disclosure. All such agreements are to be made available for inspection," he said, adding that he preferred land valuations to be made at current prices and not on the basis of future projections.

Trammell Crow Meghraj's Puri agrees. "There is a marked lack of transparency, corporate governance and accountability among India's real estate developers. There also continues to be a serious lack of quality infrastructure. In addition, India scores low in terms of congenial political environment in terms of the real estate sector. This means that there is a lack of clarity in pertinent policies."

But Puri also believes those issues will soon fade away as India's real estate markets mature. "Although real estate is a regional and highly location-specific industry, India will replicate the events that occurred in emerging markets like Mexico and Central Eastern Europe [including Russia, Bulgaria and Poland]," he says. "In these countries, too, foreign investments were the primary drivers for transparency, accountability and higher capital appreciation in the real estate sector."

The Unsmelt Still Smelt Flower!

All can not be professional writers and earn their livelihood through literary writing. Many are just amateurs. I am one such amateur writer. Some of my short-stories and verses have been published in various popular magazines. Thus I consider myself a literary figure. Writers like me desire to participate in literary competitions so that we can get both fame and money in a short time.

A popular national magazine has recently announced a short-story competition. I decided to write a quality short-story for the competition. I started to write one also. Normally I write a short-story like this: first I will contemplate on the beginning of the story. Then I struggle mentally for some days to further the story line. Gradually the story takes a definite shape in the mind. Then I complete writing the story and at the end give title to the story. But now I decided in the beginning itself the title of the story as “The First Love-making” because I am very sure and clear of the story line.

Visal is highly disturbed. He is experiencing hopelessness and helplessness. His mind is blank. He is not able to decide what to do and is grief-stricken. Visal is a modern youth. To live happily is his motto of life. But he is thinking that destiny is unkind to him for some reason. That is why such a depressing incident has taken place in his life is what he believes. What is that incident……? What are the consequences……?

Visal is a soft-ware engineer. He is working for a prestigious computer company and is receiving fat salary and perks. Like the youth of his age he is romantically dreaming about his married life. He is eager to get married as soon as possible. His parents are also on the look out for a suitable bride.

Visal’s mother met Vinamra in one function. Visal’s mother is very much impressed by the tender body, bright lotus-like face, proportionately formed limbs and organs and attractive figure of Vinamra and decided that Vinamra should become her daughter-in-law. She arranged through a mediator to contact Vinamra’s parents with the proposal and Vinamra’s parents gladly accepted the proposal. The marriage of Visal and Vinamra took place on an auspicious day.

That is the night of nuptials for Visal and Vinamra. The nuptials are much eagerly and passionately waited night for the youth and the most exhilarating. Visal sat on the flower-decked bed in the decorated room and is waiting for Vinamra. The room is fully filled with stimulating fragrance from the incense sticks. After some time Vinamra slowly entered the room. In the nuptial-bride’s dress Vinamra is very beautiful and inviting. Both looked at each other. Visal is bitten with desire. But Vinamra immediately avoided looking. No feeling is revealed in her face. Visal approached her slowly. He gently attempted to affectionately embrace her. But she prevented him with her looks. She immediately went away from him and sat in a chair. Surprised, Visal also went near her and sat in another chair.

Pleasant moonlight is spread all over. Visal’s thoughts are full of aesthetic feelings. He again attempted to embrace her. At that moment avoiding his touch she started saying:

“Please do not touch me”
“But, why?”
“This marriage has not taken place according to my wishes. I am in deep love with another person”

These words of her pierced through his heart like arrows and he became immobile. He has fallen into a valley of ache and pain from the peak of aesthetic desire. Vinamra continued talking:

“I and my cousin loved each other very deeply”
“Then, how is it that our marriage took place?
“I did not want to wound the feelings of my father. So …..”

Visal is not at all ready to hear such utterances on his nuptials night. When he is dreaming to hear pleasant sounds this disharmony has started.

“Then, why you have married me?’ asked Visal with aching heart.
“It is my father’s wish”
“With this immature and childish behavior you have spoiled my life” said Visal accusingly. His voice resembled the sounds made by a broken veena.

I wrote the story up to this point. I unsuccessfully tried to continue writing. My mind suddenly became blank. All the story-line which is thought over earlier has completely disappeared. My mind is filled with vacuum. The half-written story is teasing me daily. Some days passed like this.

One day I started re-reading the half-written text. What a surprise..!! The story is written further with a different hand-writing from the spot where I stopped. Astonished, I started reading eagerly.

“I love my father so much. He is impressed with your alliance. I could not disobey him after knowing his mind” said Vinamra.
“Why are you now telling me all this?” questioned Visal.
“Because there is no meaning in the union of the bodies when there is no union of hearts..”

She paused for some moments and continued:

“You are free to scold me. You can even beat me. I will bear everything. But I do not change my mind. You are educated and are aware that it is cultureless to make love to a woman against her will and wish”
“But you have behaved in a highly cultured way!?!” angrily said Visal.
“Yes. I have behaved in cultured way. That is why I told every thing. I hid nothing”
“You should have shown this much culture earlier to our marriage. Then this marriage might not have taken place at all”
“My father is very adamant. He refused to marry me to my cousin. If I remain unmarried, my father will become unwell. His health is very delicate. Contemplating all this, I agreed to get married to you”
“You have thought very well..!!?” saying this Visal sighed deeply.

The soft bed and the flowers spread on it sympathized with Visal. Then Vinamra said:

“I do not want to become burdensome to you. I will do some job and take care of myself. I understand your distress and pain, but I am truthful; we both are pawns in the hands of Destiny…”
Visal did not appreciate her philosophical expression. He said:

“I do not touch you even though you are my wife, when you do not love and desire me. But I respect the institution of marriage. So we must be husband and wife for others”
“Certainly! I am your wife in all respects and obey you except for sharing sexual life. I will do the duties of housewife without blemish or fail”
“You can do a job as you desired”
“Thanks a lot”

I finished reading. But who has written this….? The hand-writing is familiar to me…?!

“Have you finished reading the story….? “ Hearing this question I turned my face. My wife Chitra is standing there smiling. Ja! Now I am reminded. It is Chitra’s hand-writing.
“Yes” I replied.

“Giving divorce is not the solution of the problem. Divorce is not acceptable. Mere union of bodies does not constitute marriage. Enjoying sex is just a part of married life. Two people can be husband and wife by being intimate and friendly to each other sans sex and can lead a happy married life. Such a life is also a wedded life.”

I am completely taken by surprise. After hearing Chirta’s utterance I am reminded of the incident that happened two months back. That was our nuptials night. Smothering my chest with her fingers affectionately, Chitra has told me with a sweet voice:

“I desire to continue my studies in the university. If I get pregnant immediately, It will be awkward to go to university in that state. I do not have faith in family planning methods. So I pray to you that we observe celibacy for some time…. !?”

Whether the sweet and affectionate talk of the new bride hypnotized me or whether I did not like to reject the first wish of my brand new wife or because I believed that I will see for some time and do the needful later, I do not know but I agreed to her wish.

Has Chitra through completing my story has given me some message..? How much opaque is woman’s thinking..? Who can grasp the inner recesses of a woman’s mind? Great and matured minds themselves fail in this task. How can I, a normal person can grasp?

I became utterly disturbed. Anxiousness has generated many stressful thoughts. Before going into the kitchen, Chitra has asked me:

“I have changed the title of the story. Have you observed that..?”

Then I saw the title. The title is changed to: “The Unsmelt Still Smelt Flower”.

Will 'Aakash' Succeed Even As It Fails?

Human Resource Development Minister M M Pallam Raju has sought a review of the Aakash low-cost computing project, unless Datawind, the supplier of these computing devices, meets its commitment to provide 100,000 Aakash 2 tablets by March 31. Two separate committees have been asked to evaluate why and how the project has got delayed. Not surprisingly, the delays and controversies plaguing the Aakash project have a ring of familiarity for anyone acquainted with defence research and procurement. 

Aakash has run into much the same issues that have held up the Main Battle Tank and the Light Combat Aircraft. Like many defence projects, Aakash suffered from poorly conceived specifications, unrealistically grandiose plans, massive time and cost overruns, pushes and pulls within ministries, quality issues and disputes with the vendor. The difference is that it is consumer-facing and hence, the problems are more easily ventilated.

Aakash is now two years beyond its initial delivery date. The first units were to be delivered in February 2011. When the initial units (Aakash 1) were delivered in November 2011, the government decided upon an upgrade. R&D was shifted to IIT Bombay in February 2012 and Aakash 2 was revealed in November 2012. The government announced that it was looking at initial orders of around five million units and eventually, with upgrades to versions 3 and 4, hoping to launch around 220 million subsidised tablets. Those are huge numbers - the global market for tablets is 70 million units. As of now, Datawind has delivered about 20,000 units and claims to be manufacturing between 2,500 and 3,000 units a day. Understandably, there is scepticism about the targets being met.

But, even if the project never comes anywhere near fruition, that is not to say that there have been no positive takeaways at all. One good outcome has been the realisation by hardware manufacturers that India provides a potentially vast low-end market. Spurred by Aakash, many devices in the $50 (about Rs 2,700) range with comparable or better specifications have already been released. There are likely to be more in the pipeline. Indian telecom service providers have also started looking at bundled device-plus-data plans to suit pockets at that price-point. (Aakash 2 is supposed to be bought by the government at $50 and re-supplied to students at a subsidised $35).

The other positive thing is that Aakash focused attention on the need for a digital educational ecosystem. The creation of digital educational content that can be consumed on a low-end tablet and the availability of computer programs that can run on such basic resources has received a boost. Apart from the National Council of Educational Research and Training and other government-controlled educational bodies, the content and programming will also be contributed by private enterprise. 

The initial premise remains valid. There is a digital divide that cripples Indian students from low-income backgrounds. If that divide is bridged by affordable solutions, the future productivity of the workforce will be enhanced. Aakash may not be that solution, but it may well serve the purpose of inspiring private enterprise to bridge the gap.