Nanma Properties, part of the Eastern Group is going to enter into Affordable Housing Market.

Nanma Properties, part of the Eastern Group has established preparations for entrance into the affordable housing market. The decision of the Group reflects the declaration by the Central Government of the subsidies for the affordable housing sector.

Navas Meeran, Chairman of the Eastern Group, said Nanma Properties Ltd will invest Rs 2,500 crore in an affordable housing market and will be initiated by the group company.

The plan is to build houses, in the price range of Rs 20 lakh – Rs 35 lakh with an average size of 700 sqf – 1,000 sqft, said Nanma Properties’ managing director, Asheen Panakkat.

In the first phase, around 7,500 residential units are planned for construction. In view of land costs, Nanma Properties plans to build the affordable housing units in vertical format. The units will come up across multiple cities in Kerala.

Property of Nanma Pvt. Ltd. specializes in major projects and its repertoire includes MEPs, townships, healthcare centers, IT-hubs, resorts and industrial areas. The company has also collaborated in projects with different entities.