BHUBANESWAR: Odisha Governor Hari Babu Kambhampati has encouraged real estate developers to invest in tier II and III cities to promote balanced urbanization and sustainable development.
He emphasized the importance of ethical business practices and customer-centric models to foster trust within the sector.
“Odisha is at a pivotal moment, emerging as the growth hub of Eastern India. Projects like smart cities in Bhubaneswar and Rourkela, along with the Bhubaneswar-Cuttack-Puri Corridor and major industrial zones, are unlocking tremendous potential,” he noted.
During an Extraordinary General Meeting (EGM) of the Confederation of Real Estate Developers’ Associations of India (Credai) held on Friday, he stated, “Real estate developers should prioritize investment in tier-2 and 3 cities for balanced urban development, focusing on affordable housing, sustainable development, and digital infrastructure.”
This EGM marked the association’s return to Odisha after a nine-year hiatus, bringing together a distinguished panel of national leaders, developers, policymakers, and stakeholders to discuss the future of real estate, investment opportunities, and sustainable urban initiatives.
Credai president Shekhar G Patel pointed out the transformation of Bhubaneswar over the past decade, mentioning, “We are evolving from a twin city to a vibrant tri-city cluster that includes Bhubaneswar, Cuttack, and Puri. This area is on track to become one of India’s top 50 urban centers.”
He highlighted the real estate sector’s significant role in India’s economy: “Currently contributing 8.4% to India’s GDP, it is the second largest employment generator after agriculture. With the introduction of RERA, 95% of the sector has become organized, and by 2030, we expect it to reach a USD 1 trillion valuation, contributing 10% to the GDP.”
Credai Bhubaneswar president and MLA Sofia Firdous remarked that initiatives like the Smart City Mission are positioning Bhubaneswar as the real estate capital of Eastern India.
