What Really Defines Luxury On The Real Estate Market?

 Comments by Om Ahuja, CEO - Residential Services, JLL India

A report in 2013 labelled Mumbai as the 16th most expensive city globally in terms of owning a residential space. The southern region of the island city is seen as the most prime, with locations such as Colaba, Cuffe Parade and Malabar hills topping the price charts. Owning a home in these and similar location of other cities can cost a buyer more than he or she would earn in two lifetimes.

The question ‘does location provide you with luxury?’ is an interesting one. Is a family that lives in a compact, old, stuffy and featureless 1 BHK flat in Cuffe Parade living in luxury? Or would such a family live in luxury if it sold this flat and moved to a more modern, spacious, comfortable and better appointed flat in the suburbs?

Given the ever worsening shortage of land in the prime locations of our larger cities, home prices in these areas are largely beyond affordability for most buyers. Homes in such locations are bought by the extremely rich for the sake of address value and easy access to the CBD, even if they lack the superior amenities of newer, more modern buildings in further-flung areas. In such cases, the luxury factor is vested almost exclusively in the snob appeal of the location. 

For a family living in South Mumbai that plans to move to a bigger place, the options available in their neighbourhood would either be non-existent or extremely heavy on their pocket. One must remember that many families owning homes in central posh locations purchased these homes many years ago. In some cases, these homes have been handed down over at least two generations. Not all such families would be generating income that matches the locations they live in.

However, if such a family were to put its current home on the market and obtain the kind of selling price that such locations can yield solely on the basis of address value, they can relocate to a home in another part of town that offers all the luxuries of a modern lifestyle. For this family, the luxury factor will then have increased dramatically. In other words, if we look at the concept of luxury as a matter of perception, the ballgame changes entirely.

On a different level, but keeping the same principle in mind, families living in the suburbs or far-suburban areas who are seeking to upgrade their lifestyles in the same locality may have only a marginal additional budget. Nevertheless, the sale proceeds of their current home coupled with this additional budget would certainly fetch them something that provides them with more luxury in terms of space.

In other words - if the true meaning of luxury is assumed to be solely about spending huge amounts of money to buy a super-premium property in a prime location, then certainly only the ‘uber rich’ would get the taste of such luxury.

However, luxury means different things to different people - it literally exists in the eyes of the beholder. If someone who feels the need to upgrade their lifestyle and to move to a better, bigger home that meets all their requirements, any option that provides them with a perceptibly superior living experience is luxury for them.

In real estate market terms, the definitions of 'premium' and 'luxury' are more or less standardized and fairly rigid in terms of ticket sizes, amenities offered and locations involved. However, these are market standards and do not account for a far more human factor - namely personal perception. If we look at luxury from such a perspective, there are in fact no hard and fast definitions at all.

No Steering, Horns Or Rear-View In Mass-Produced Cars By 2035: IEEE

IEEE, the world’s largest technical professional organization dedicated to advancing technology for humanity unveiled the findings of a survey that revealed expert opinions about the future of driverless cars, such as speed bumps to mass adoption, essential autonomous technologies, features in the car of the future, and geographic adoption. More than 200 researchers, academicians, practitioners, university students, society members and government agencies in the field of autonomous vehicles, participated in the survey.

Speed Bumps to Mass Adoption

When survey respondents were asked to assign a ranking to six possible roadblocks to the mass adoption of driverless cars, legal liability, policymakers, and consumer acceptance were ranked as the biggest obstacles, while cost, infrastructure, and technology were viewed as the smaller speed bumps. “Anytime you have a technology that has the potential to fundamentally change our daily lives, laws and policies need to be established to ensure the technology is going to be used properly and benefit humanity. This is especially true with intelligent vehicles,” stated Yaobin Chen, IEEE Senior Member and professor and chair of electrical and computer engineering at Purdue School of Engineering and Technology. “Once the foundational elements, like legal liability and policy, are in place, the technology and infrastructure will be there, so intelligent vehicles will become more widely accepted.”

Car of the Future

As more autonomous features are being incorporated into cars, it will enable them to be manufactured without some of the equipment that is commonplace today. When asked to specify the year in which specific equipment will be removed from mass-produced cars, the majority of respondents believe rearview mirrors, horns, and emergency brakes will be removed by 2030 and steering wheels, and gas/brake pedals will follow by 2035.  In addition, more than 75 percent of respondents also indicated that all 50 U.S. states would pass legislation permitting use of driverless vehicles within this time period. “We’ve seen incredible growth in the driverless vehicle industry over the past few years, both in technological advancement and manufacturer acceptance, that has dramatically affected the consumer adoption timetable,” stated IEEE Fellow Alberto Broggi, professor of computer engineering at the University of Parma in Italy and founder of VisLab. “The scientific community and car manufacturers have been working together to incrementally include autonomous features in modern day cars, with the intention of producing driverless vehicles in the near future. For mass adoption, it’s important that we begin trusting this technology.”

Dynamic Autonomous Technologies

Advancements in technology will be the most instrumental in the continued development of driverless vehicles, with more than half (56 percent) of respondents believing that sensor technology is most essential, followed by software (48 percent), Advanced Driver Assistance Systems (47 percent) and GPS (31 percent). “A driverless car needs a constant stream of information of the road and its environment to make calculated decisions, which are referred to as perception. Sensors are one of the most important and trusted technologies for advancing perception scenarios,” stated Christoph Stiller, IEEE member and professor at Karlsruhe Institute of Technology, Germany. “Sensors are small, non-intrusive and offer reliable data. Also, sensor technology is relatively cheap and will be influential in creating affordable driverless vehicles.” Along with sensors, creating digital maps of the road is a necessary function for allowing autonomous vehicles to travel safely on the roads. When asked to predict how long it will be before a complete digital map of the world will exist, nearly three quarters (74 percent) of respondents indicated these maps will be available within the next 15 years.

Geographical Acceptance of Driverless Cars

While autonomous cars will prove to be beneficial around the global, the majority of experts (54 percent) believed that North America would most benefit from driverless vehicles, with Europe second (28 percent) and Asia (17 percent) rounding out the top three.

Ford Launches Innovate Mobility Challenge Series

Ford today announced the launch of its Innovate Mobility Challenge Series, inviting the developer and ‘maker’ communities to come together to find innovative mobility solutions in eight different locations around the world.

The worldwide challenges will kick off on July 15 in Lisbon, Portugal, Los Angeles, United States, and Mumbai, India, before moving on to Delhi and the Chennai region in India, Shanghai, China, Johannesburg, South Africa, and a countrywide challenge in Argentina.

“Reaching out to local stakeholders lets Ford more effectively address the diverse mobility challenges around the world,” said Paul Mascarenas, Ford’s chief technical officer and vice president, Research and Innovation. “Launching our Innovate Mobility Challenge Series in eight different regions will bring global and local players together in the pursuit of one goal, which is a smarter and more efficient transportation network for the future.”

For each competition, Ford will partner with local authorities and experts to address different issues in each location. The competitions will be judged by a panel of Ford executives involved in researching mobility solutions, as well as by local experts selected for each competition. For full details on all the challenges, visit the Innovate Mobility Challenge Series landing page, fordsvl.com/innovatemobility.

A global Blueprint for Mobility

Ford’s Blueprint for Mobility, which was originally announced by Executive Chairman Bill Ford, outlines what the company believes transportation will look like in 2025 and beyond, and the technologies, business models and partnerships needed to get there. With a growing population and a worldwide trend of urbanization, personal mobility as well as efficiency in the transportation sector will only become more important.

Using new technologies to address mobility challenges will be crucial for customers globally, which is why partner-based projects like the global challenge series will remain an integral part of Ford’s plan going forward. A smarter, more connected mobility landscape will encourage efficiency, increase safety, reduce traffic congestion and contribute to environmental improvements as well as shaping personal mobility in a more effective way.

Different cities, different needs

Each challenge was designed to address a specific issue facing the diverse needs of cities around the world. For full details on all of the challenges, visit the Innovate Mobility Challenge Series landing page, fordsvl.com/innovatemobility.

* Lisbon, Portugal: Different sized cities utilize different mobility infrastructure. Ford’s City Mobility Challenge in Lisbon encourages developers to optimize the delivery of goods and services in a sustainable way for cities, specifically targeting those with less than 600,000 people. The submission period will run from July 15 to October 14, with the winners announced in November.

*, India: With a months-long monsoon season that can leave transportation infrastructure crippled – including flooded, impassable roads and the suspension of the city’s commuter rail system – the Monsoon App Downpour Challenge will focus on leveraging vehicles and information to improve mobility during inclement weather. Mumbai’s submission period will run from July 15 to October 14, with the winners announced in November.

* Los Angeles, United States: The Parking Lots 2.0 Challenge will take parking into the 21st century by rethinking and repurposing outdoor surface parking lots to increase their variety of uses, and aesthetic value, while still ensuring access to parking. The LA submission period will run from July 15 to October 14, with the winners announced in November.

*, India: The SUMURR Golden Hour Challenge will invite developers to create software applications leveraging information to decrease the time to get to care and increase information available for care to improve health outcomes within the critical “Golden Hour” after a traumatic incident. The submission period will run from July 30 to October 30.

* Chennai region, India: The SUMURR mHealth Challenge will focus on leveraging information to extend health services for remote rural regions accessible from Chennai. The submission period will run from July 30 to October 30.

* Shanghai, China: As the world becomes more urban and populated, finding traffic-busting solutions to increase traffic efficiency will only become more important. Fitting for one of China’s largest and most crowded cities, the Urban Commuter Challenge calls on developers to find ways to improve quality of life through apps that help improve mobility choices and overcome traffic congestion. The submission period will run from August 14 to November 14.

* Johannesburg, South Africa: The Johannesburg challenge focuses innovation on adding value to the vehicle through the creation of accessories for vehicles, especially commercial vehicles, in the largest city in South Africa. The submission period will begin on August 14, with more details to follow.

* Countrywide, Argentina: The Future of Mobility Contest will challenge college students and entrepreneurs to submit ideas for projects that will help mitigate traffic congestion and improve overall mobility in Argentina, particularly relating to aspects like urban planning, intelligent infrastructure and new models for public and private mobility. The contest will run from July 18 through August 29, with contest finalists evaluated and winners identified in November.

Worldwide call for developers

Ford’s OpenXC program is a non-production, open-source, software and hardware platform designed to encourage top developers to experiment with Do-It-Yourself projects using real-time vehicle data. Developers can use OpenXC data like any other data source in a smartphone, tablet or web app. The Innovate Mobility Challenge Series encourages developers to integrate this real-time vehicle information into apps that relate to sustainability and mobility issues, whether by incorporating the data into existing apps or creating new apps from scratch.

The OpenXC platform gives developers access to more than 15 types of vehicle data, including those related to vehicle speed, engine speed, fuel-level, and things like whether or not the windshield wipers are on or if a door is open,” said K. Venkatesh Prasad, senior technical leader, Open Innovation, Ford Motor Company. “With these challenges, we’re reaching out to the best minds in the developer community, because we know that no single company or individual holds the answer. Local problems need local solutions, and we want to encourage that.”

A good example of the potential of OpenXC comes from a Ford engineer, Zac Nelson, who used the open-source platform to design an app-cum-accessory concept – a manual transmission shift knob that gives haptic feedback to the driver. Using real-time engine data and a 3D-printed shift knob he designed with an embedded Xbox 360 actuator, he created an app that instructs the shift knob to pulsate at the optimum shift points. The app can be programmed for high performance driving, ride comfort or fuel efficiency depending on driving style.

Ford’s online OpenXC portal has all the information developers and accessory makers need to get started, including an OpenXC overview, tools for developing software without any vehicle related hardware, and information about how to get started building or buying OpenXC vehicle interface hardware. Find out more at openxcplatform.com.

Prize information and challenge requirements

The first three competitions of the Innovate Mobility Challenge Series – Mumbai, Lisbon and Los Angeles – will offer prizes totaling US$30,000 for each challenge, with a grand prize of US$15,000 for the winner of each. For the Argentina challenge, the winner will receive a scholarship for an Entrepreneur Postgraduate at an Argentine university and a trip to the United States to meet with Ford mobility engineers and attend the North American International Auto Show. The prizes for the remaining challenges will be announced at a later date.

A wide variety of accessories and software solutions will be eligible, including web or android apps. All accessories and apps that will be used while driving must conform to Ford’s In-Vehicle Usage Criteria for safety including non-distracting driving. No specific API, SDK, or data integration is required, however use of Ford’s OpenXC platform is encouraged.

Individuals and organizations of up to 50 employees are eligible for the cash prizes, while organizations with over 50 employees may compete for the non-cash Large Organization Recognition Award. The winning app, or accessory depending on challenge type, will be selected by a panel of experts comprised of Ford executives and local judges for each separate city.

The challenges build on the successful Traffic Tamer App Challenge in London, which concluded this spring. Ford announced in March that AppyParking, a comprehensive parking app that allows drivers to pay for parking, view parking maps and find electric vehicle charging stations, had won the grand prize of US$10,000.

VMware’s Hybrid Cloud Provides Partner Opportunities

With vCloud Hybrid Service, channel partners play a key role of integrating private and public clouds and delivering hybrid solutions to customers. The service was designed specifically with the channel community in mind. VMware distributors, solution providers and OEM partners can now sell vCloud Hybrid Service the same way as any other VMware product. 

In addition, VMware already has a network of close to 200 vCloud Service provider partners in Japan that operate clouds based on VMware’s software. vCloud Hybrid Service is the next evolution of this program, but is distinct from these 200 partners because it is fully owned, operated and supported by VMware 

By operating vCHS, VMware will be able to drive more rapid innovation and service delivery to market, which VMware will then make available in the form of technology and IP to VMware’s growing ecosystem of service providers. VMware expect partners to build services and application based on vCloud Hybrid Service.

Yasuo Miki, President of VMware Japan, said: “We are very pleased that Japan has become the third market in the world to announce a vCloud Hybrid Service. VMware is offering a highly-differentiated hybrid cloud service.  Working closely with SoftBank and other partners we see real opportunity to accelerate the use of our technology in the market The launch of vCloudHybrid Service provides additional opportunities for our network of over 200 vCloud Service Provider partners to further empower and strengthen their offerings in this market.”

Ken Miyauchi, representative director & COO of SoftBank Telecom Corp. and chairman of SoftBank Commerce & Service Corp. said: “We are very pleased that Japan is the first Asia-Pacific country to launch vCloud Hybrid Service and that we are developing the market together with VMware based on our strong partnership. The SoftBank Group will provide vCloud Hybrid Service to customers in Japan through its direct sales and reseller partners for VMware products.”

Zebronics Rolls Out Packed 2.1 Multimedia Speakers

Top Notch Infotronix, India’s leading supplier of computer peripherals and Consumer Electronics under the brand ‘ZEBRONICS' has launched its latest 2.1 multimedia speaker set, the MicroDrum+.  A star addition to the Company’s extensive line-up of speakers, one of the widest range in the industry, the new MicroDrum+ model features 3” driver for woofer and 2” drivers for satellites which gives good frequency response.

The Zebronics Micro Drum+ speaker set, despite its small size, delivers crisp, clear sound and good bass due to its powered subwoofer with 3” driver. The combo outputs 10W (RMS) with a signal-to-noise ratio ≥85.  The speaker system can take audio input from any sound source such as laptops, mobile phones or media players via a standard accessory cable connected into its 3.5mm aux jack. In addition, for the first time a multimedia speaker system in this category provides a memory card slot and USB port, enabling it to play audio directly from SD/MMC cards or USB flash devices. Capability to tune and play FM radio has also been added.

Available in a trendy design and housed in glossy black cabinets with an elegant red trim around the drivers that add to its aesthetic appeal, while easy access to the controls is provided by locating the volume controls (separate for sub-woofer and satellites) and power button on the top of the sub-woofer, along with the memory card and USB slots.

“Whether used as a standalone music system, or to accessories media player or to complement a laptop, the rich sound of the Zebronics Micro Drum+ will bring a new level of affordable performance to the speaker market,” said Pradeep Doshi, Director Sales at Top Notch.  “With its trendy design, the Micro Drum+ is a fitting accessory for the table-top of any music lover.”

Attractively priced, in keeping with the Company’s dedication to quality at value prices, the Micro Drum+ is now available at a price of Rs 999 including one year warranty from any of Zebronics partners in major markets, or from the Company’s e-commerce site – www.moneyvasool.com – and other leading consumer-IT stores and on-line vendors.

New Oriental Design Language & User Interface Phones From Panasonic

Panasonic India, working on its efforts to focus on creating product differentiation while developing innovative technological solutions, expanded its feature phones range by launching the new GD31 and GD21 phones. The new models aim to fuel rapid adoption among its consumers and reach out to a wider target audience primarily comprising of the youth along with the middle and lower-middle income groups.

Designed to deliver an affordable mobile experience to its consumers, the GD31 falls in the category of a smart feature phone offering great battery life and security features like mobile tracker, security Inbox & application privacy. With a full touch 2.8 inch display and features like pre-installed Facebook application lets the user connect, share & like from anywhere. In addition to this, Hindi support on touch keypad and pre-installed games promise to deliver the consumer with a smart user experience. The GD21 comes with a built in audio and video player allowing you to play your music and watch favorite videos with ease. Other features such as Dual SIM support, LED torch light, expandable storage up to 16GB, Bluetooth headset with A2DP define Panasonic’s efforts in providing solutions offering a differentiated value at an affordable price.

Manish Sharma, Managing Director, Panasonic India expressed, “The launch of these two models underscores Panasonic’s efforts in providing a remarkable mobile experience to the Indian consumers across cities. These models are priced perfectly matching with our consumers’ need for affordable solutions and thereby empowering the customers with a wide variety of products to choose from.”

Pankaj Rana, Business Head, Smart Phones and Tablets, Panasonic India, further expressed, “Our deliberate approach is to offer affordable entry-level devices like the GD31 and GD21 for our customers. Our feature phone portfolio is aimed at introducing the greatest innovation and will provide our consumer with an uncompromised usage experience.”

Pricing and Availability

The phones are available at the best price of Rs. 2190 (GD31) and Rs.1790 (GD21) in the Indian market.

Persistent Bags Prestigious India’s Coding Power House

Persistent Systems  has won the title of ‘India’s Coding Power House’ at the recently concluded Techgig Code Gladiators 2014 competition. Hosted by Times Jobs, the 2 month contest is India’s largest, involving approximately 35,000 professionals across 64 leading IT companies in the country. The contestants had to solve problems in either C, C++, C#, Java, PHP, VBNET, Ruby, Perl, Python or JavaScript. With our broad and deep technology expertise, 23 of the Persistent coders received full points.

“This isn’t a coincidence. Building software products is in our DNA and hundreds of leading organizations around the world attest to that. Our convincing victory in this competition, against so many other top companies, clearly demonstrates Persistent has the technology and engineering expertise that our customers require,” says Mritunjay Singh, Executive Director and Chief Operating Officer of Persistent Systems.

News Facts about the Competition

* 64 companies

* 35,000 competitors

* 2 month duration

* 10 coding languages

News Facts about Persistent Systems

* 350 Customers

* 3,000+ Product releases in last 5 years

* 14 of Top 20 technology companies in the world are our customers

* 7,800+ Employees

* 274.06M FY14 revenue