Guv asks builders to invest in Tier-2 & 3 cities
'Odisha stands at a critical inflection point - emerging as the growth engine of Eastern India. Smart cities like Bhubaneswar and Rourkela, 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.
The 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.'
The CREDAI Bhubaneswar president and MLA Sofia Firdous said with strategic central initiatives like the Smart City Mission, Bhubaneswar is emerging as the real estate capital of Eastern India.
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