Smaller real estate players like Sobha Developer, Godrej Properties to outperform larger players

Prakash Diwan: Absolutely, disclaimer we own this stock particularly in portfolios. The other stock similar to this if not identical would be a Sobha Developer. Again, a very strong inventory on the housing side, has been seeing traction, has been able to continue with newer launches in spite of this so called except its slowdown and the best part about most of these companies is the fact that they are low on leverage, means operating leverage ends up happening much faster, the return ratios improve much before you would see in Unitech or DLF or things like that. So the larger ones are still kind of grinding the under stress and there is lot of duress on the debt side but the smaller ones have actually quite a lot of new inventory and started selling those. If you look at Godrej Properties, again there is disclaimer that we own this stock also in our portfolio; so some of the smaller, smarter real estate players will definitely outperform in the first wave and it will take much longer for the larger ones and older heros of sorts to kind of catch up with these new names. 

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