Odisha Governor Encourages Real Estate Investment in Tier 2 & 3 Cities
Odisha Governor Hari Babu Kambhampati calls on real estate developers to invest in tier 2 and 3 cities to promote balanced urbanization and sustainable development. The EGM of Credai highlights the sector's growth and its potential contributions to the economy.
Real EstateInvestmentUrbanisationOdishaSustainable DevelopmentReal Estate NewsAug 02, 2025
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.
Frequently Asked Questions
Why is the Governor encouraging investment in tier 2 and 3 cities?
The Governor is encouraging investment in tier 2 and 3 cities to promote balanced urbanisation and ensure sustainable development, helping to distribute economic growth more evenly across the state.
What are the key initiatives mentioned to boost the real estate sector in Odisha?
Key initiatives include the Smart City Mission, the Bhubaneswar-Cuttack-Puri Corridor, and major industrial corridors, which are designed to unlock immense potential for the real estate sector in Odisha.
What is the current contribution of the real estate sector to India's GDP?
Currently, the real estate sector contributes 8.4 per cent to India’s GDP and is the second-largest employment generator after agriculture.
What is the projected growth of the real estate sector by 2030?
By 2030, the real estate sector is projected to become a USD 1 trillion sector, contributing 10 per cent to India’s GDP.
What role does Credai play in the real estate sector?
Credai, the Confederation of Real Estate Developers' Associations of India, plays a crucial role in promoting ethical business practices, customer-centric models, and sustainable development in the real estate sector.
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