Bhubaneswar: Odisha Governor Hari Babu Kambhampati has urged real estate developers to expand their investments beyond major urban hubs and into tier-II and tier-III cities to promote balanced urbanisation and sustainable development across the state.
Speaking at the Extraordinary General Meeting (EGM) of the Confederation of Real Estate Developers’ Associations of India (CREDAI) held in Bhubaneswar on Saturday, the Governor emphasized the need for ethical business practices and customer-first approaches to foster greater trust in the real estate sector.
“Often dubbed the growth engine of Eastern India, Odisha stands at a pivotal moment. Smart cities like Bhubaneswar and Rourkela, the rapidly expanding Bhubaneswar-Cuttack-Puri corridor, and major industrial zones offer immense investment opportunities,” he said.
Highlighting the state’s emerging urban clusters, the Governor called on developers to prioritise affordable housing, green infrastructure, and digital-ready urban planning in smaller cities, enabling equitable growth and future-ready communities.
The CREDAI EGM, returning to Odisha after a nine-year gap, brought together an influential lineup of national real estate leaders, policymakers, and stakeholders to discuss sectoral trends, sustainable development, and investment avenues.
CREDAI National President Shekhar G Patel, addressing the gathering, pointed to Bhubaneswar’s transformation over the past decade: “From a modest twin city, we now see the emergence of a vibrant tri-city cluster—Bhubaneswar, Cuttack, and Puri—which is poised to be among India’s top 50 urban centres.”
Patel also emphasized the sector’s economic importance, stating that real estate currently contributes 8.4% to India’s GDP and is the second-largest employment generator after agriculture. “With RERA streamlining operations, 95% of the industry is now organized. By 2030, real estate is projected to become a $1 trillion sector, contributing nearly 10% to India’s GDP,” he added.
Cuttack-Barabati MLA and CREDAI Bhubaneswar President Sofia Firdous noted that strategic central initiatives like the Smart City Mission are propelling Bhubaneswar into becoming the real estate capital of Eastern India.
