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Nanma Properties, part of the Eastern Group, has firmed up plans to enter the affordable housing segment. The move follows the Centre’s announcement of incentives for the affordable housing market.
Eastern Group Chairman Navas Meeran said the foray will involve an investment of ₹2,500 crore.
According to Nanma Properties Managing Director Asheen Panakkat, the plan is to construct homes in the range of ₹20-35 lakh, with average home sizes of 700-1,000 sq ft.
In the first phase, the company plans to build about 7,500 residential units. It will construct them in the vertical format, considering the cost of land. The units will come up across multiple cities in Kerala.
Nanma Properties specialises in turnkey projects, from townships and healthcare complexes to IT hubs and industrial spaces.
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