Property developers are looking towards real estate funds as funds from banks and capital markets have become difficult to access. This year, only 42 companies have raised Rs 19,396 crore through initial public offerings - and more than half the amount was garnered by Reliance Power Ltd alone. As a result, realty funds are virtually the only source of raising large amounts of money for real estate companies. Consequently these funds are calling the shots and getting a better deal for themselves. "While the risk is entirely borne by the developer, the first returns come to the fund," said Mr. Ramesh T. Jogani, Managing Director and Chief Executive Officer of Indiareit Fund Advisors Pvt. Ltd, the real estate fund division of the Piramal Group that has $450 million (Rs 2,191.5 crore) under management across three funds. He added that the new deals also ensure the developer does not use the capital to 'cash out', or pay for the land that he has previously bought. Rather it's used to fund the development of the project. Besides Indiareit, other large domestic entities include HDFC Property Fund, ICICI Venture Funds Management Co. Ltd's realty fund and Kotak Realty Fund.