import re


def reduce_incorrect_character_repeatation(text):
    """
    Method used to reduce repeatition to two characters
    for alphabets and to one character for punctuations.

    Parameters:
    -----------------
        text (string): Text to clean

    Returns:
    -----------------
        text (string): Text after formatting.

    Example:
    -----------------
    Input : Realllllllllyyyyy!!!!....
    Output : Reallyy!.

    """

    # Pattern matching for all case alphabets
    pattern_alpha = re.compile(r"([A-Za-z])\1{1,}", re.DOTALL)

    # Limiting all the  repeatation to two characters.
    formatted_text = pattern_alpha.sub(r"\1\1", text)

    # Pattern matching for all the punctuations that can occur
    pattern_punct = re.compile(r"([.,/#!$%^&*?;:{}=_`~()+-])\1{1,}")

    # Limiting punctuations in previously formatted string to only one.
    combined_formatted = pattern_punct.sub(r"\1", formatted_text)

    # The below statement is replacing repeatation of spaces that occur
    # more than two times with that of one occurrence.
    final_formatted = re.sub(" {2,}", " ", combined_formatted)

    return final_formatted