 Now talking about RERA or Real Estate Regulatory Authority, RERA, meanwhile, just got more real for industry after the government released the second set of draft rules for the regulator last week. In fact, even as states gear up with their own versions of the Real Estate Regulatory Authority, Realty Inc. is busy preparing for what they're dubbing, the post RERA Kavitha Krishnan gets us this report. The recent set of rules released by the housing ministry calls for developers to be compliant with a whole host of rules and make disclosures under at least 60 different heads. While industry admits this will bring in much-needed transparency in the sector, they are also questioning the omission of the government authorities from RERA. Another big concern is the 70% escrow limit that developers will have to maintain for every project. Industry is hinting that this could bring black money back into the system. The minute we say 70% escrow and everything is escrowed, the developers equity will have to be high so either the fund will have to step in or the developer has to put in his own funds and because of RERA, the presale is now not allowed in any form. I cannot raise deposits, I can't take us in advance, nothing is possible now. So possibly we'll find a method to, if somebody would invest in terms of cash, maybe that could come back. Other big changes that developers are predicting, a shake out in the system which will see small-time developers and brokers leave the business and fewer joint development deals as land owners will shy away from compliance. But for industry, the big hope is that RERA will bring the buyer back into the market. In this act, because there will be a lot of litigations from both sides and then a practical approach will prevail and the regulator will keep the state-level regulator in each state, depending on what the hardships are there to the both sides, they will continue to, and I hope so, they will continue to amend them to bring more transparency to the industry and bring that faith back which the builders have lost for the consumers.