Ernakulam-based Nanma Properties Ltd, a part of the Eastern Group, has firmed up plans to enter the affordable housing segment. The decision comes after the central government’s announcement of incentives for the affordable housing market. According to Navas Meeran, chairman of Eastern Group, 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.
The real estate firm plans to construct homes in the price range of Rs 20 lakh to Rs 35 lakh, with average home sizes in the 700 sft to 1,000 s ft range. In the first phase, it will build about 7,500 residential units. Given the cost of land, Nanma Properties plans to construct the affordable housing units in vertical format. The units will come up across multiple cities in Kerala. Nanma Properties specialises in turnkey projects & its repertoire includes MEP, townships, healthcare complexes, IT hubs, apartment complexes, housing, factories, resorts and industrial spaces.