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Eastern Group to enter affordable housing

IBEF:  January 10, 2020

Nanma properties, part of Eastern Group, is planning to enter the affordable housing segment. The move follows the center's announcement of incentives for the affordable housing market.

Eastern Group Chairman Mr Navas Meeran stated that the investment of Rs 2,500 crore (US$ 357.70 million) will be required for execution of plan.

Nanma Properties Managing Director Mr Asheen Panakkat said, the goal is to construct homes in affordable price i.e.  Rs 20 - 35 lakh (US$ 28.62 - 50.08 thousand), with an average home size of 700-1,000 sq. ft. 

In the first phase, company plans to build 7,500 residential units, which will be constructed in the vertical format, considering the cost of land. These units are planned across multiple cities in Kerala.

Nanma Properties specializes in turnkey projects, from township and healthcare complexes to IT hubs and industrial spaces.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.