Odisha Guv asks real estate developers to invest in tier 2 & 3 cities
He also stressed the need for ethical business practices and customer-centric models to build trust in the sector.
'Odisha stands at a critical inflection point - emerging as the growth engine of Eastern India. Smart cities like Bhubaneswar and Rourkela, the Bhubaneswar-Cuttack-Puri Corridor, and major industrial corridors are unlocking immense potential,' he said.
Addressing an Extraordinary General Meeting (EGM) of the Confederation of Real Estate Developers' Associations of India (Credai) on Friday, the governor said, "The real estate developers should focus on tier-2 and 3 cities for balanced urbanisation and invest in affordable housing, green development, and digital infrastructure."
The EGM of the association returned to Odisha after a nine-year gap.
The event brought together a distinguished panel of national leaders, developers, policymakers, and stakeholders to deliberate on the future of real estate, investment prospects, and sustainable urban development.
Credai president Shekhar G Patel highlighted the evolution of Bhubaneswar over the last decade, stating, 'From a twin city, we now see a vision for a dynamic tri-city cluster comprising Bhubaneswar, Cuttack, and Puri. This region is poised to be one of India's top 50 urban centres.'
He underscored the contribution of the real estate sector to India's economy.
'Currently contributing 8.4 per cent to India's GDP, it is the second-largest employment generator after agriculture. With RERA streamlining the industry, 95 per cent of the sector is now organised. By 2030, it is projected to become a USD 1 trillion sector, contributing 10 per cent to the GDP.'
Credai Bhubaneswar president and MLA Sofia Firdous said that with strategic central initiatives like the Smart City Mission, Bhubaneswar is emerging as the real estate capital of Eastern India.
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