Nanma Properties, part of Eastern Group has firmed up plans to enter the affordable housing segment. The group’s decision follows the central government’s announcement of incentives for the affordable housing market.
Eastern Group chairman Navas Meeran said the entry into the affordable housing market will involve an investment of Rs 2,500 crore and will be initiated by the group company, Nanma Properties Ltd.
According to Nanma Properties managing director, Asheen Panakkat, the plan is to construct homes in the price range of Rs 20 lakh – Rs 35 lakh, with average home sizes in the 700 sq ft – 1,000 sq ft range.
In the first phase, the company plans to build about 7,500 residential units. Nanma Properties is planning to construct the affordable housing units in vertical format, considering the cost of land. The units will come up across multiple cities in Kerala.
Nanma Properties Pvt. Ltd. specialises in turnkey projects & its repertoire includes MEP, townships, healthcare complexes, IT hubs, apartment complexes, housing, factories, resorts and industrial spaces. The company has also collaborated with various entities on projects.