Why Odisha's Governor Urges Real Estate Investment in Tier II and III Cities

Governor's Call for Sustainable Urban Development

Bhubaneswar: The Governor of Odisha, Hari Babu Kambhampati, has urged real estate developers to channel their investments into tier II and III cities to promote balanced urban growth and sustainable development.

He emphasized the importance of ethical business practices and customer-focused approaches to foster trust within the industry.

Kambhampati remarked, “Odisha is at a pivotal moment, emerging as a key growth hub in Eastern India. Smart cities like Bhubaneswar and Rourkela, along with the Bhubaneswar-Cuttack-Puri Corridor and significant industrial corridors, are revealing vast opportunities.”

During an Extraordinary General Meeting (EGM) of the Confederation of Real Estate Developers’ Associations of India (Credai) held on Friday, he stated, “Developers should prioritize tier-2 and 3 cities for balanced urbanization, investing in affordable housing, green initiatives, and digital infrastructure.”

This EGM marked the return of the association to Odisha after a nine-year hiatus.

The event featured a prominent panel of national leaders, developers, policymakers, and stakeholders who discussed the future of real estate, investment opportunities, and sustainable urban growth.

Credai president Shekhar G Patel noted the transformation of Bhubaneswar over the past decade, saying, “We are evolving from a twin city to a vibrant tri-city cluster that includes Bhubaneswar, Cuttack, and Puri. This area is set to become one of India’s top 50 urban centers.”

He highlighted the significant role of the real estate sector in India's economy.

“Currently, it contributes 8.4% to the GDP and is the second-largest job creator after agriculture. With the Real Estate Regulatory Authority (RERA) enhancing industry organization, 95% of the sector is now structured. By 2030, it is expected to grow into a $1 trillion industry, contributing 10% to the GDP,” he added.

Sofia Firdous, president of Credai Bhubaneswar and MLA, stated that initiatives like the Smart City Mission are positioning Bhubaneswar as the real estate capital of Eastern India.