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Alternative Social Housing: Prefab, Add-On Homes to Densify Suburbs

How to provide housing for the masses getting out of poverty and out of slums in the developing world, without creating sprawl? Argentine architects propose attaching new homes to existing structures.




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8 steps for using a paper planner effectively

Paper planners are effective only if you use them properly and regularly. Here are some ways to get into the groove, if you're not yet an addict!




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Cohousing: The real sharing economy at its best, and a great example in Berlin

This is a housing form that we should be building a lot more of.




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Urban beekeeper using bee sounds and honey to make experimental music (Video)

Did you know honey has its own sound? Using honey and other tools, this bee enthusiast wants to raise awareness about bee colony collapse disorder through music.




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Almost half of American drivers don’t bother using their turn signals

And then they yell at cyclists for not following the rules.




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Refreshing tiny house is built using gooseneck trailer

This kind of trailer means you can eliminate the head-banging sleeping loft.




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World Cup teams won't be using these soccer balls found washed up on beaches

The World Cup is starting: here's a football they won't be wanting.




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U.S. Department of the Treasury, U.S. Department of Housing & Urban Development, and the Ad Council Launch New Public Service Ads to Reach Struggling Homeowners - Get mortgage help. This is why. MakingHomeAffordable.gov :60

Get mortgage help. This is why. MakingHomeAffordable.gov :60




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Sky City Challenge: The future of housing

What's the best way to figure out how to use a new product? Have a competition!




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Consumer confidence in housing falls to lowest level since the subprime crash

The economic free fall from Covid-19 is taking its toll on what had been strong housing demand just a few months ago.




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Stop focusing on geopolitics of coronavirus with China, says Australian CEO

Australia has "no benefits at all" from focusing on its coronavirus-related geopolitics with China, one of its major trading and business partners. It should focus instead on people's health and economic recovery, says Mark Allison, CEO and managing director of Elders Limited.




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This realtor became a trucker after the housing crisis and now pulls in six figures during the coronavirus pandemic

April Coolidge used to work in real estate but now she makes more money driving a truck than she ever did selling houses.




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How the Fed's fighting to keep Covid-19 from causing an extended financial crisis

The U.S. Federal Reserve is trying to keep the coronavirus crisis from becoming an extended financial crisis. And the Fed's measures go beyond anything the central bank did during the Great Recession of 2009.




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Ted Cruz, other senators, warn Saudis to stop using oil in 'economic warfare' against the US

Sen. Ted Cruz said a group of nine senators recently ripped into the Saudi ambassador to the United States in a conference call over its oil price war with Russia.




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Stop blaming short sellers for causing the market drops

Blaming short sellers is misguided. European countries have banned short selling but their markets continue to fall.




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Trader Tony Zhang lays out bullish bet on debt using high-yield market

A high-yield options play. With CNBC's Melissa Lee and the Options Action traders, Carter Worth, Mike Khouw and Tony Zhang.




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Andrew Forrest on using business power to fight Australia's coronavirus crisis

With ten million test kits now secured by the Mindaroo Foundation and its business partners, Australia will have the "abundant capacity" to test widely for infections to "end the virus, not the economy," says Andrew Forrest, the foundation's co-founder and chairman, and former CEO of Fortescue Metals Group.




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Trader with golden catch-up play using options

A gold move, with Mike Khouw. With CNBC's Melissa Lee and the Options Action Traders, Carter Worth and Tony Zhang.




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Haiti FA president accused of sexually abusing young female players

  • Claims of abuse by Yves Jean-Bart at national centre
  • Jean-Bart denies all allegations made against him

The president of the Haitian football federation has been accused of sexually abusing young female footballers at the country’s national training centre.

Yves Jean-Bart, known as “Dadou”, the president of the Fédération Haïtienne De Football (FHF) since 2000, denies accusations that he coerced several players at the Centre Technique National in Croix-des-Bouquets into having sex. The alleged incidents are understood to have taken place within the last five years.

Continue reading...




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How Housing Finance Companies Sanction home loan to Salaried person?

How Housing Finance Companies Sanction home loan to Salaried person?




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"Unconscionable": Planned Parenthood Pres. Condemns States Using Pandemic to Limit Abortion Access

As much of the U.S. remains on lockdown, abortion rights are under attack nationwide. We get an update on the fight for abortion access with Alexis McGill Johnson, acting president and CEO of the Planned Parenthood Federation of America. "Our bodies have literally been deemed essential," she says, "and yet the control of our bodies and the right to control our own bodies has not."





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Astronomers capture new images of Jupiter using 'lucky' technique

Detailed pictures of planet glowing through clouds were taken with telescope in Hawaii

Astronomers have captured some of the highest resolution images of Jupiter ever obtained from the ground using a technique known as “lucky imaging”.

The observations, from the Gemini North telescope on Hawaii’s dormant volcano Mauna Kea, reveal lightning strikes and storm systems forming around deep clouds of water ice and liquid. The images show the warm, deep layers of the planet’s atmosphere glowing through gaps in thick cloud cover in a “jack-o-lantern”-like effect.

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Amusing Images of Confusing Double-Takery

The brain works really hard to make sense of the constant stream of information coming at it, and for the most part it does a pretty good job. That said, a small shift in perspective can turn unassuming situations into double-take inducing photos of intriguing perspective. Your brain is doing its best, but at times it's name match against double-take causing images of skewed perspective.




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Using Proxies with Redux Types

One of the most common problems that I run into when using Redux is trying to figure out why an action is not being captured by a reducer. For someone just getting starting with Redux, debugging this issue can be especially overwhelming because of how Redux manages data flow. So before you start pouring over configuration code, or the logic contained in your action creators and reducers, please, make sure your action types are defined and spelled correctly.

One of the most common problems that I run into when using Redux is trying to figure out why an action is not being captured by a reducer. For someone just getting starting with Redux, debugging this issue can be especially overwhelming because of how Redux manages data flow. So before you start pouring over configuration code, or the logic contained in your action creators and reducers, please, make sure your action types are defined and spelled correctly.

In any application that I have built, most bugs that I have run into are simply due to typos. However, the solution to this particular problem is harder to spot because no errors are raised when the application is run. Take a look at the snippet below.

// actionTypes.js

export const FETCH_FILE_REQUEST = 'fetch_file_request';
export const FETCH_FILE_SUCCESS = 'fetch_file_success';
export const FETCH_FILE_FAIL = 'fetch_file_fail';


// filesReducer.js

import {
  FETCH_FILE_REQUEST,
  FETCH_FILE_SUCESS,
  FETCH_FILE_FAIL
} from '../actions/actionTypes';

const filesReducer = (state = {}, action) => {
  switch (action.type) {
    case FETCH_FILE_SUCESS:
      return { ...state, file: action.payload };
    default:
      return state;
  }
}

export default filesReducer;

Assuming we dispatched an action with type FETCH_FILE_SUCCESS, the filesReducer should catch the action before the default case is returned. But what if that is not happening? Where do we start the debugging process. There does not appear to be anything wrong with the code in the reducer; the action type was imported and matches the case in the switch statement. There are no errors in the browser. Where is the issue?

You may have noticed that I misspelled SUCCESS in filesReducer.js, but the reason this can be hard to catch is because importing undefined types does not cause an error, so when we import FETCH_FILE_SUCESS, its value is actually undefined, so our reducer always hits the default case.

It would be nice if the existing import/export system could help us catch this. Unfortunately, since action types are just strings, validating their existence is challenging. Luckily, we have another option.

Enter Proxies

Proxies are a feature of ES2015 that allow us to customize operations on a object. They can be used in many different ways, and you can find some useful examples here and here. For our problem, this example from Mozilla looks promising:

let validator = {
  set: function(obj, prop, value) {
    if (prop === 'age') {
      if (!Number.isInteger(value)) {
        throw new TypeError('The age is not an integer');
      }
      if (value > 200) {
        throw new RangeError('The age seems invalid');
      }
    }

    // The default behavior to store the value
    obj[prop] = value;

    // Indicate success
    return true;
  }
};

let person = new Proxy({}, validator);

person.age = 100;
console.log(person.age); // 100
person.age = 'young'; // Throws an exception
person.age = 300; // Throws an exception

So if proxies can be used to validate that properties assigned to an object are of a certain type and value, we should definitely be able to ensure that our action types are never undefined, or else throw an error that will be easy for us to fix. Let’s refactor our actionTypes.js file.

// actionTypes.js

const types = {
  FETCH_FILE_REQUEST: 'fetch_file_request',
  FETCH_FILE_SUCCESS: 'fetch_file_success',
  FETCH_FILE_FAIL: 'fetch_file_fail'
}

const typeValidator = {
  get(obj, prop) {
    if (obj[prop]) {
      return prop;
    } else {
      throw new TypeError(`${prop} is not a valid action type`);
    }
  }
}

module.exports = new Proxy(types, typeValidator);

First, we define a object containing all our action types. Then we define our validator handler typeValidator. The get method inside our handler is called a trap, and provides access to the properties of a object. If the property we are looking for, an action type, in this case, exists in the types object, return that prop, unmodified. Otherwise, throw an error because the prop does not exist.

Finally, export a new proxy, passing the types object as the target and the typeValidator as the handler. However, it is important to note that the ES2015 module system does not work well with proxies, so module.exports and require() must be used for exporting and importing the types.

Barely any code needs to change in the reducer and action creator files, but in order for the action types to be imported successfully, we just need couple lines of code in a new file:

// actionTypesProxy.js

export const {
  FETCH_FILE_REQUEST,
  FETCH_FILE_SUCCESS,
  FETCH_FILE_FAIL,
} = require('./actionTypes');

// in the reducer and action creator files
// change '../actions/actionTypes' to
// '../actions/actionTypesProxy'

By creating a proxy to verify the existence of an action type, we no longer have to worry about correctly naming a property upon import because an error will be thrown in the browser console as soon as the application starts. So, reduce the number headaches you get when developing an application using Redux and start using proxies.

Interested in learning how to build applications using Redux with ReactJS. Check out this online course! Modern React with Redux




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Coronavirus scare: Vicky Kaushal, Rajkummar Rao's housing complex partially sealed

Bollywood actors Vicky Kaushal and Rajkummar Raos housing complex here has been partially sealed after an 11-year-old tested positive for COVID-19. The complex in Mumbai's Andheri area is home to Bollywood actors including Vicky, Rajkummar and Patralekhaa, and Chitrangda Singh.

The child is the daughter of a director who resides in the C-wing of the complex, prompting the BMC to partially seal the A and B wings and also sanitise the entire complex, reports timesofindia.com. The residents of the complex have reportedly been asked to follow strict quarantine rules and take extra precautionary measures to contain the spread of the infection.

Over the past weeks, reports have stated that several buildings of film and television actors, including actress Ankita Lokhande's, were also sealed after confirmed positive COVID-19 cases were found in the area. Bollywood personalities who have been hospitalised after testing COVID-19 positive so far are producer Karim Morani, his daughters Zoa and Shaza Morani, and singer Kanika Kapoor. All of them have been discharged after recovering.

Catch up on all the latest entertainment news and gossip here. Also, download the new mid-day Android and iOS apps.

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Ibrahim Ali Khan is using lockdown period to strengthen his bond with mother Amrita Singh and sister Sara

Bollywood actor Saif Ali Khan's son Ibrahim is using the COVID-19 lockdown period to strengthen his bond with mother Amrita Singh and sister Sara Ali Khan. "I'm spending quarantine, strengthening my bond with my mother and sister as we take charge of the household chores," Ibrahim wrote on Instagram.

"I came across a video which is a simple reminder to support our extended families of our neighborhood, especially the elderly who are the most in need amid the COVID-19 crisis. It's time we strengthen bonds and #ShowWeCare by helping them with essentials and ensure their well-being," he added.

Recently, Ibrahim also joined celebrities including Virat Kolhi and Siddhant Chaturvedi to voice concern for senior citizens amid the ongoing health crisis.

Kolhi used social media to request his fans to step up during the difficult time and check if senior citizens living in their vicinity are in need of any essentials or any other support. Siddhant, famous for his role as 'MC Sher' in "Gully Boy", called senior citizens living in his building and checked on their well-being. He told his fans on social media how simple acts of care towards the most in need while practicing social distancing can go a long way in emerging out stronger as a nation.

Kohli, Siddhant and Ibrahim were urging people to extend care for the elderly in an initiative by P&G Vicks.

Catch up on all the latest entertainment news and gossip here. Also, download the new mid-day Android and iOS apps.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news




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59-year-old man beaten to death for using public toilet for long time

In a shocking incident that took place in the eastern suburbs of Mumbai, a 59-year-old man was beaten to death after a fight broke out for using a public toilet for a little longer. The elderly man was killed in a spat over using the public for a longer time. The incident took place on Wednesday night.

As reported in Mumbai Mirror, the incident took place on September 19, in the Sangam Nagar area located in Wadala East. The accused was identified as Shakir Ali Shaikh (34) who had an argument with Yadav when he used the public toilet for a little longer. When the locals intervened and prevented the altercation the two left the argument and left from there. Later, when Yadav was walking back home, Shaikh attacked him and hit him until Yadav fell into a nullah. 

After the local residents took notice of the fact that Yadav had fallen into the nullah, they rushed to his aid and immediately took him to the nearest hospital where the doctors declared him dead on arrival. The Wadala TT police have arrested the accused and have registered a case.

A police officer from Wadala police station was quoted saying, "Yadav worked with a transport company and offered driving lessons. We have registered a case and arrested the accused."

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates





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Mumbai Crime: 3 held for abusing, molesting women constable at Wadala

Wadala GRP arrested three persons from the same family for allegedly manhandling and molesting a women constable at GTB Railway station on Saturday morning. The constable was with a Ticket Checker when she caught a woman passenger who was travelling without a ticket in the First class compartment. All the three accused have been arrested.

The alleged incident occurred on Guru Teg Bahadur Railway station of Harbour line on Saturday morning. When a Ticket Checker was checking tickets on a platform when he stopped a 19-year-old Ekta Uppal, a teacher by profession. The checker found that Ekta was travelling without a valid ticket. The TC asked the woman constable present at the station to nab Ekta as she was not ready to pay the fine.

"The woman called her father and asked him to come to the railway station. Meanwhile, Ekta was repeatedly abusing constable. Constable called Senior Inspector of Wadala GRP Rajendra Pal, sending things can go bad," said a police officer. "Senior Inspector with cops reached the spot and asked what's the matter," the officer added.

"The passenger did not have a valid ticket and along with her father and brothers, were abusing constable too. When I tried to intervene they were not calming down. Their errant behavior didn't stop in spite of repeated warnings, therefore we booked all the three," said Rajendra Pal, Senior Inspector, Wadala GRP.

Police have arrested Ekta Uppal (19), Yashraj Uppal (19) and their father Tilakraj Uppal (52) under IPC 354 (Outraging women's modesty) and other relevant sections.

Catch up on all the latest Crime, National, International and Hatke news here. Also, download the new mid-day Android and iOS apps to get the latest updates





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Silicon Valley trend of using drugs in mini doses daily is catching up in India

Over a phone call from Kolkata, Vikram Rajan*, an audio engineer and guitarist formerly based out of Mumbai, wants us to listen to a track that he has composed. It's available on Soundcloud and, as we stream it, we more or less agree that its flavour of electronica-jazz could accompany a languorous Sunday evening. "For a long time, I had been unable to come up with something good. And, then, I composed this around March while I was microdosing and sometimes, megadosing on acid," says Rajan.

The 33-year-old is referring to a way-of-life that's effectively snapping the ties between drug abuse and the creative arts. This is a lifestyle experiment that some of the brightest techies in Silicon Valley are engaging in, and has got psychiatrists and anti-drug crusaders distraught. "From a 100 mics paper, I take about 20 mics, twice a week, giving the doses a 2-3 days gap. The effects of acid last for about six hours for me," says Rajan, who started experimenting with drugs as a teenager.


After a litany of prescriptions failed to control her mood swings and depression, Ayelet Waldman found relief in LSD. The former federal public defender authored A Really Good Day: How Microdosing Made a Mega Difference in My Mood, My Marriage, and My Life, in 2016. She wrote: "(It) made room in my mind not necessarily for joy, but for insight. It allowed me a little space to consider how to act in accordance with my values, not just react to external stimuli. This, not the razzle-dazzle of pleasure, was its gift." Pic/Getty Images

In need of a quick glossary before we proceed? Acid is officially called Lysergic Acid Diethylamide (LSD), a psychedelic drug banned in India, the possession of which can lead to imprisonment from one to 20 years under the Narcotic Drugs and Psychotropic Substances Act. LSD is often illegally sold in the form of stamps, with the hallucinogen embedded on blotter paper. Mics is micrograms, that's one-millionth of a gram. A microdose is when you have about one-tenth of a recreational 'party' dose, which starts at about 200 mics.

"With microdosing, you are not tripping — this is not a trip. The euphoria isn't there. It's not about feeling good, it's about calmness," continues Rajan. Microdosing first hit headlines after Steve Jobs' passed away in 2011, when a number of inspiring tales on how LSD became the new go-to substance for enhanced performance by tech employees hit the net. Espresso became passé. 'Flow states' were the new yoga. While Jobs did more than just microdose (he was known to have gone all the way), Silicon Valley techies are reportedly doing acid in quantities such that their effects are 'sub-perceptual', where you won't "see stuff" but you harness its "positive" effects.


A dropper with CBD cannabis oil, used for medicinal purposes. Initial research in the area has shown that patients can reap the benefits without its full-blown 'high' effects

Paul Austin, founder of The Third Wave, where you will find a manifesto on microdosing, defines it as, "the act of integrating sub-perceptual doses of psychedelics, such as LSD or Psilocybin Mushrooms, into your weekly routine for higher levels of creativity, more energy, increased focus, and improved relational skills." The Third Wave, according to Austin, follows the first two waves, in which psychedelics were used indigenously for thousands of years, and then, in the 60s and 70s, when they were a part of American counterculture. Austin writes that The Third Wave is upon us, "brought about by recent developments in cannabis legalisation and psychedelic research — and it will change the way mainstream culture perceives psychedelic use."

Classically acid, now weed
For Rajan, however, it wasn't sub-perceptual Silicon Valley that got him to ration his 100 mics stamps, each of which costs about R2,000. It was simply a matter of demand and supply. Mumbai had better stuff than Kolkata, and more availability. Microdosing has classically been associated with LSD, but now has been extended to cannabis as well. Austin's website has guided instructions for microdosing on nine drugs, including cannabis and ayahuasca. Mumbai-based communications officer Varna Kumar*, 25, smokes a mandatory post-work joint every night in order to cope with anxiety and panic attacks. "I feel I have worked enough through the day, without much time to understand what I am going through. At night, when I am by myself, I smoke a small joint to achieve REM sleep," she says. The joint, a mix of two strains, sativa and indica, help her body relax. It makes her anxiety seem defeatable, is how she describes it. Her counsellor, who also smokes up, has not advocated this as a coping mechanism. "It's different from when I am smoking up recreationally during the weekend or when I am away on a vacation. I will do three to four joints when I have nothing to take care of," she says.

Rajan doesn't buy it. He offers an example that may be best contemplated upon or contested by those who have done both LSD and cannabis. "With weed, you are either stoned, or you are not. You will need to smoke up as soon as the high wears off. When you get stoned, your mind becomes passive. But, microdosing on LSD allows you to be calm enough to multitask, allowing a lot of information to be funnelled into your brain easily. You are alert, you are awake," he says, adding, "What is LSD all about? When you start tripping, you see a shift in perspective." You need not agree with Rajan, as he himself says, "We are all chemical reactions", with each of us reacting differently to drugs.

Covert, not convenient
Microdosing will often be compared to that hard-earned and well-deserved one drink after work hours. It's nothing like that, microdosers will tell you, and so will psychiatrists and rehab therapists. For one, microdosing has none of the ease of getting a drink at your favourite pub. You will be persecuted in your search for your creative spell or a calmer mind. Next, it's not even like getting a drug prescription that your GP advises you to have for the course of a fortnight. Kumar and Rajan know it all too well. Microdosing means self-experimentation, knowing when you are crossing the threshold into recreational high dosages. Cannabis, for instance, is best microdosed through edibles, like space brownies, which are available legally in some parts of the world. It's probably the reason why microdosing is yet to take on Silicon Valley proportions in India. "Here, we don't often get to know what strain of cannabis we are using, or where it is sourced from," says Kumar. Saying "this stuff is craazzyy" is, therefore, not enough if you want to microdose. "If you are living with family, it's hard to make edibles. All this means that the convenience factor associated with a drink is not the same with this covert process," she adds.

The idea of the junkie, with matted hair and piercings, is a stereotype that microdosing is replacing. It's no longer cool to be a junkie, especially in the vegan-conscious, gluten-free, aerial yoga health lifestyle that we are seeing around us. Microdosing may be the most metrosexual among the various kinds of drug use, and it carries the allure of high-performance and alleviation of mental health issues, with published studies to back these up. But doctors and psychiatrists are warning us about the glamourisation of microdosing, even as research to mainstream it for mental health is going on. Psychiatrist Dr Samir Parikh says, "Microdosing encourages the thought process that you need a drug for enhanced performance or better creativity or to calm your nerves. This will mean that students microdose before exams, athletes before a run, couples before a wedding, and the next thing you know, because someone has to attend a birthday bash. There is no end to important situations in life. We are making people believe that a student could have scored an additional five marks in an exam had she just microdosed. Can you imagine the perils of this philosophy?" he says. He backs this up with the number of risks associated with prolonged drug abuse, such as a permanent change in brain circuitry, cerebrovascular diseases, and panic attacks.

Then there are those who will argue that moderation as 'one-drink-a-day' is more addictive than the weekend drunken revelry. Is addiction, even in microdoses, still addiction, where the brain searches for rewards compulsively? Kumar disagrees. "Microdosing is the difference between dependence and addiction. For example, I am dependent on a cab to take me to the station. Can I get through my day without it? Can I walk to the station? Yes, I can. That's what microdosing is. I can get through my day without a joint, but a joint just makes it a little easier," she says.Psychiatrist Dr Yusuf Merchant, who runs a rehabilitation centre at Kalyan, says microdoses pose the risk of turning into overdoses. "With any drug, the body learns to metabolise it faster. Which means, that the quantity for a microdose will keep increasing and your hold on reality will keep getting more tangential."

Rajan himself admits to a 'bad trip'. LSD users will tell you that recreational doses are best done in settings that you feel comfortable in, to enjoy, or cope, with the hallucinations. With microdosing, you are headed into your office or your studio to function better. Rajan had once taken more than a microdose, leading him to have a panic attack, the kind where he couldn't even see his hands. The golden rule, he says, is that if you don't go on a full trip, you will never know what a microdose is.

That ailing pain
The push for microdosing is coming from a quarter where its future seems to be most secured — pain management. Mumbai-based homemaker Susheela Kamath*, 48, was diagnosed with stage II breast cancer a couple of years ago, and having undergone nearly a year's worth of chemotherapy and radiation, the accompanying pain and nausea, were all too real. Her daughter provided her with high-grade hash oil. The dealer provided her with a tiny spoon, the kind that you are handed inflight to stir your coffee with. "I had to initially understand, through a lot of trial and error, by gauging my mother's mood, on what a microdose for her would be. Hash oil is very potent," says the daughter.

A little drop of it on her toast every day, helped Kamath cope with pain. "From the third day to the tenth day after chemotherapy, my mother would have about three to four spoons a day, and, on other days, just half a spoon," says the daughter. Coping with the pain meant she could do more during her day, and also have an appetite. Now, months after she has wound up chemotherapy and radiation, she has bid adieu to the prescription drugs that came along with it, and the hash oil as well, without yearning for that high. Unfortunately, unlike medical grade marijuana that is available in some countries, and still not permitted in India, the daughter did not know if the oil had cannabidiol (CBD), which gives marijuana its medical properties, or tetrahydrocannabinol (THC) which gives you the "high".

Dr Kailash Kothari, interventional spine and pain management specialist at Fortis Hospital, Mulund, says that there is not enough evidence to either prove or disprove that microdosing on cannabis can help with pain management, the way opioids, such as morphine, act on the nervous system. "Do cannabinoids work like tranquilisers or do they have long-term effect? There is not enough research as of now," he says, adding, "Getting dependent on these takes a lot of time and not something that can happen in about 15 days of use." In the meanwhile, you can enjoy a night of quiet or a better track on Soundcloud by rationing your stash. But, is it short-term solace or long-term abuse?

*All names have been changed on request to protect identity





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Lockdown holds up housing society's repairs once more

The Shiv Sneh Co-operative Housing Society in Pratiksha Nagar, Sion, has been dealt another blow as the much-needed building repair work has come to a halt twice in past few months. The repairs initially came to a halt last September, when the Punjab and Maharashtra Co-operative Bank (PMC) found itself in trouble. The society had R85 lakh in its Sion branch, which they haven't received yet. In March, when the society once again started the repair work using funds from their other bank account, it had to be stopped due to the lockdown over the COVID-19 spread as Pratiksha Nagar is in the red zone. Now with the work pending, the residents are worried about their fate this monsoon.

Kashinath Rokade, secretary of the society said, "We have been told that pre-monsoon work can be started, but are awaiting for the lockdown to be called off after May 17, and the contractor has assured us he will get the waterproofing done within two to three weeks, with some interior work. The painting of exterior building can be done post monsoon."

The 166 (flat and commercial shop) owners attached to the four wings (A,B,C,D) of the building were all set to abide by the structural consultants audit report and promptly floated bids calling in for tenders, which took almost four to five months of hard work starting February 2019. Finally they zeroed in on the contractor, M/s Viswakarma Civil Constructions, Kalwa, Thane and selected them to carry out repairs, civil work including waterproofing and painting work for a total consideration of approximately R52 lakh, as per their tender, explained society chairman Mahesh Adate.


Rokade showing the state of the repairs in October 2019

Repairs were on
Adate added, "The building was to undergo repairs for the first time since it was handed over to the society by MHADA in 2008 and since then office bearers were collecting repair funds under monthly maintenance of approximately R1,800 from members. A huge corpus of nearly R85 lakh, in the form of Fixed Deposits and other savings, were in the society's name with the PMC, Sion branch."

The society had even issued work order to M/s Viswakarma paying an advance of R5 lakh, as against the contract signed. Since August 15, the scaffoldings were put across the building structures, and work of removing old plaster was in process. As per the contract the entire work was to be completed within four months time period.

Adate added, "Most of the occupants in the building (nearly 80 percent) are working class people which include senior citizens, who have been residing her for over a decade."

According to Adate, MHADA had issued a lottery for this MIG (Middle Income Group) way back in 2005 for a consideration of R10 lakh - R11 lakh including stamp duty and registration, where each flat is around 450 sq feet carpet and commercial outlets allotted admeasuring 150-160 sq feet (Carpet). In 2008, MHADA handed over the building to the society and since then the society has been collecting funds for repairs.

PMC scam shocking
Adate said, "We were taken by surprise, when we learnt about the abrupt directives from RBI putting restrictions on PMC bank. We had to arrange for funds, as the contractor had already sent a letter seeking clearance of additional fund for carrying out the work, and we were left in the lurch."

When asked why the society does not have any other bank account, besides the one with PMC bank and Maharashtra Co-operative Bank, the society office bearers said, "We have always been told that under the Maharashtra Cooperative Societies Act, housing societies should mandatorily have accounts only with co-operative banks, hence we abided by the rules. Also our society accountant had no problem banking with PMC, everything was going on smoothly, till last week."

When informed that society accounts can be opened in nationalised banks too, they said, "We are ready to open a new account with a nationalised bank, provided PMC transfers all our society funds there."

When asked how they will finish the remaining payment, Adate added, "We will have to start taking contributions from members. Also we have not got any response to the legal notice issued to PMC Bank on behalf of our society. We may contemplate taking the matter to the consumer court against PMC Bank."

He said that nearly 25 societies in Pratiksha Nagar have deposited money with PMC bank and the whole figure may be in crores of rupees.

Expert speak
Senior property lawyer Vinod Sampat said, "The Reserve Bank of India has been forced to take drastic action against PMC bank, this will result in a financial cut to be taken by each of the societies who had deposited their funds. As far as legal action by the affected cooperative society against PMC bank goes, I am afraid that the provisions of the banking regulation act will supersede it and the financial losses, being caused to it (the society)."

"The need of the day is that harsh laws be framed, whereby doing a wrongful act is made as a deterrent to persons who fail to perform their duty with criminal intent. Punishment should be awarded by courts in a short span of time in such financial frauds, so that a strong message is sent out. The law should not remain a paper tiger," he added.

Rs 85 lakh
What the society's account in PMC Bank holds

Catch up on all the latest Mumbai news, crime news, current affairs, and a complete guide from food to things to do and events across Mumbai. Also download the new mid-day Android and iOS apps to get latest updates.

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FIR against Arnab Goswami for accusing Sonia Gandhi over Palghar incident

After agitated Congress workers filed multiple complaints against Republic TV editor Arnab Goswami, an FIR has been registered against him in a police station in Chhattisgarh's Raipur. The FIR in the Civil Lines police was filed on the complaint of state Congress chief Mohan Markam under various sections of the Indian Penal Code, relating to promoting enmity between different groups on grounds of religion, race, place of birth, residence, language, etc and deliberate and malicious acts, intended to outrage religious feelings of any class by insulting its religion or religious beliefs.

In the complaint, Markam said that in his TV programme, the editor has instigated a crime and tried to disrupt communal harmony.

The Congress has also talked to Maharashtra Chief Minister Uddhav Thackeray, Mahararashtra minister Balasahab Thorat said. "I condemn the attempts made by Arnab Goswami to communalise the unfortunate incident at Palghar & also the derogatory language used by him against @INCIndia President Sonia ji Gandhi. I have spoken to CM @OfficeofUT & HM @AnilDeshmukhNCP Strict action will be initiated against him," he said, in a tweet.

The Congress has also initiated an online campaign against Goswami on various social media platforms.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever




using

FIR against Arnab Goswami for accusing Sonia Gandhi over Palghar incident

After agitated Congress workers filed multiple complaints against Republic TV editor Arnab Goswami, an FIR has been registered against him in a police station in Chhattisgarh's Raipur. The FIR in the Civil Lines police was filed on the complaint of state Congress chief Mohan Markam under various sections of the Indian Penal Code, relating to promoting enmity between different groups on grounds of religion, race, place of birth, residence, language, etc and deliberate and malicious acts, intended to outrage religious feelings of any class by insulting its religion or religious beliefs.

In the complaint, Markam said that in his TV programme, the editor has instigated a crime and tried to disrupt communal harmony.

The Congress has also talked to Maharashtra Chief Minister Uddhav Thackeray, Mahararashtra minister Balasahab Thorat said. "I condemn the attempts made by Arnab Goswami to communalise the unfortunate incident at Palghar & also the derogatory language used by him against @INCIndia President Sonia ji Gandhi. I have spoken to CM @OfficeofUT & HM @AnilDeshmukhNCP Strict action will be initiated against him," he said, in a tweet.

The Congress has also initiated an online campaign against Goswami on various social media platforms.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever




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Man kills wife for refusing money to buy liquor in Uttar Pradesh

A man allegedly killed his wife when she refused to give him her jewellery to buy liquor. The incident took place in the Bamruliya village in the Farrukhabad district on Thursday. A case has been registered with the Nawabganj police station and a hunt has been launched to arrest the accused. According to the police, Prashant was married to Lakshmi Devi, 26, for six years and the couple has a five-year-old son and a three-year-old daughter.

"Prashant is a liquor addict. He would usually beat his wife in an inebriated condition. Prashant would frequently demand money from his wife for liquor. This time when she refused to give him money, he hit her with a wooden stick till she fainted and then escaped with her gold earrings," said Station House Officer (SHO) Rakesh Kumar Sharma.

"Lakshmi bled profusely and succumbed to her injuries. Her parents have lodged a complaint at the Nawabganj police station.

"We have booked Prashant under section 302 (murder) of the IPC. Raids are on to arrest him," the SHO said.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever




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"Becky [Rebekah] is adamant she's done nothing wrong and has told her team she wants a public apology," an insider told the newspaper. "She was hurt that Coleen went straight on social media to lay the blame at her door, rather than speaking to her privately. She has maintained her innocence throughout and doesn't want this to be brushed under the carpet without Coleen publicly apologising," added the source.

The two used to be good friends before Coleen claimed in October that Rebekah's Instagram account had been leaking false stories to the press. Subsequently, Rebekah endured a lot of abuse on social media.

Catch up on all the latest sports news and updates here. Also download the new mid-day Android and iOS apps to get latest updates.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news




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HDFC Mid-cap Opportunities Fund: Focusing on Growth through Quality

Posted by Equitymaster
      

Despite the rally we recently witnessed, the market mood continues to be sombre due to the pandemic crisis. FPI outflows from the Indian market persisted in the current month as well, while the recent fiasco at a popular fund house also dented investor sentiments.

It is difficult to predict how this situation will unravel eventually. Though the pandemic has impacted both large and smaller sized companies, small and mid sized companies could be the most affected.

However, quality names even in these segments could perform well over the long run. Therefore, you should stick to only quality names across different market capitalisation and invest via a well managed mutual fund that focuses on growth through diversification.

HDFC Mid-cap Opportunities Fund (HMOF) is one such mid cap fund that looks to invest in mid cap stocks with sound financial strength and reasonable growth prospects.

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Graph 1: Growth of Rs 10,000 if invested in HDFC Mid-cap Opportunities Fund 5 years ago

One of the most popular funds in the midcap category, HMOF's asset size is the largest as compared to its peers. However, HMOF has shown no constrain when it comes to delivering superior performance. The fund has a track record of generating above-average returns across market conditions. Over the last 5 years, HMOF has generated returns at 4.5% CAGR as compared to 1.9% CAGR generated by its benchmark Nifty Midcap 100 - TRI, thus generating an alpha of around 2.5 percentage points CAGR. The fund has made well use of diversification to mitigate downside risk and generate decent lead over the benchmark index.

Table: HDFC Mid-cap Opportunities Fund's performance vis-a-vis category peers
Scheme Name 1-year (%) 3-year (%) 5-year (%) Std Dev Sharpe
Axis Midcap Fund -1.59 8.24 9.09 12.99 0.22
Invesco India Midcap Fund -11.6 0.54 6.89 15.17 0.12
DSP Midcap Fund -9.17 -0.78 8.39 14.62 0.06
Tata Mid Cap Growth Fund -13.59 -1.52 4.96 16.54 0.07
L&T Midcap Fund -17.37 -3.38 6.85 15.37 0.05
HDFC Mid-Cap Opportunities Fund -21.36 -5.32 4.54 15.11 0.01
ICICI Pru Midcap Fund -27.16 -7.35 1.86 14.72 -0.02
Sundaram Midcap Fund -23.59 -8.71 2.77 15.52 -0.03
Category Average -15.71 -3.5 4.38 14.62 0.05
Benchmark -25.38 -9.34 1.92 18.1 -0.03
Returns are point to point and in %, calculated using Direct Plan - Growth option. Those depicted over 1-Yr are compounded annualised.
Data as on April 28, 2020
(Source: ACE MF, PersonalFN Research)

*Please note, this table only represents the best performing funds based solely on past returns and is NOT a recommendation. Mutual Fund investments are subject to market risks. Read all scheme related documents carefully. Past performance is not an indicator for future returns. The percentage returns shown are only for indicative purposes.

Though HMOF has trailed some of the other popular peers in the mid cap category, it stands strong in the list of mid cap funds. The fund has constantly outperformed the benchmark by a noticeable margin across time periods.

Some of the other top performers in the category are Axis Midcap Fund, Invesco India Midcap Fund, and DSP Midcap Fund.

The fund has not only demonstrated its ability to generate superior returns for its long term investors, but has been reasonable when it comes to managing volatility and curtailing down-side risks. In terms of risk-adjusted returns, HMOF has outperformed its benchmark by a significant margin and also stays ahead of most of its peers.

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Investment strategy of HDFC Mid-cap Opportunities Fund

Categorized as midcap fund, HMOF is mandated to invest minimum 65% of its assets in equity and equity related instruments of mid cap companies. Accordingly, HMOF invests in stocks of predominantly mid-sized companies, which have reasonable growth prospects at acceptable valuations. The fund also holds significant exposure in smallcaps along with moderate exposure in large caps as well as cash and debt.

It follows the bottom-up approach to identify high quality businesses for the long term. The stocks are bought primarily for the strengths of company fundamentals rather than the strength of the macro-economic indicators.

The fund manager resists from following market momentum and holds each of his high conviction stock for the long term.

Graph 2: Top portfolio holdings in HDFC Mid-cap Opportunities Fund

As on March 31, 2020,HMOF held 75 stocks in its portfolio, with no individual stock having exposure of more than 5%.Popular mid cap names like Aarti Industries, Balkrishna Industries, Trent, Ipca Laboratories, and Voltas, etc. appeared in its top portfolio holdings. The top 10 stocks constitute close to 32% of its assets.

The fund's portfolio is primarily skewed towards Banking and Finance sectors which together constitute around 17% of the portfolio. Auto ancillaries, Pharma, Chemicals, and Industrial Products are the other prominent sectors with allocation of around 9-11% each.

Suitability

HMOF's performance over longer time periods has been commendable, where it has generated decent long-term returns for its investors as compared to the benchmark, though it has lagged behind some of its peers. Its focus on timely realization of growth potential of stocks at fair valuation can help it generate strong returns while also minimize the downside risk. However, its aggressive mandate makes it prone to high volatility. This makes HMOF suitable for investors with high risk appetite and a long term investment horizon.

Editor's note: The last few years have not been among the best for equity mutual funds. While most funds have underperformed or are struggling to match the returns of the benchmark, there are few funds that have the potential to constantly generate alpha for its investors. And we have identified five such high alpha generating funds, in our latest report 'The Alpha Funds Report 2020'. Do not miss our latest research finding. Get your access to this exclusive report, right here!

Note: This write up is for information purpose and does not constitute any kind of investment advice or a recommendation to Buy / Hold / Sell a fund. Returns mentioned herein are in no way a guarantee or promise of future returns. As an investor, you need to pick the right fund to meet your financial goals. If you are not sure about your risk appetite, do consult your investment consultant/advisor. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

Author: Divya Grover

This article first appeared on PersonalFN here.

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PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:
The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.




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