Kochi: Nanma Properties, an Eastern Group company, will construct budget homes near Edappally in Ernakulam.
Announcing the new project recently, which is yet to be named, Asheen Panakkat, Managing Director, Nanma Properties said that it would be truly an affordable housing project meant mainly for young couples and those belonging to low income groups. There will be a total of 228 apartments in two 19-storey towers coming up under the project. While the first block will have four 3 BHK apartments on a floor, the other tower block will have four 2 BHK apartments and four 3 BHK apartments on a single floor. The 2 BHK apartment of 715 sq. ft. will cost Rs. 26 lakh while 3 BHK apartment having an area of 958 sq. ft. is priced at Rs. 34 lakh.
“It is basically a ‘first home’ concept. This concept of starting life after getting married by setting up one’s ‘first home’ is there in the West. You get out of parents’ house after marriage. But most of our children are not able to afford their own home. The question is whether a young couple can afford a home in Kochi. At present, they are forced to either live with their parents or take a house on rent. It is a fact that nobody caters to this market. It is here that our budget homes assume significance,” he said. Asheen feels that most of the builders remain focussed on middle and top-level clients, but houses are actually required for those at the bottom of the pyramid. ‘‘Our budget homes will have swimming pool, health club and other amenities,” he added.
Nanma Properties has registered a turnover of Rs. 50 crore during the last fiscal and it is expecting Rs. 100-crore turnover in 2017-18 financial year. Apart from budget homes, Nanma has already announced ‘Sacramento’ luxury apartment condominiums to be located in Ernakulam city’s premier neighbourhood, near Yacht Club at Thevara. The project spanning over an area of 16,000 sq. ft. consists of six luxury apartments designed by award-winning architect Tony Joseph of Stapati. Besides constructing new apartments, Nanma Properties also takes over held-up projects and completes them. It has already finished two such projects at Vypin (Nanma Castle Rock) and Maradu (Big Apple/Phoenix) in Ernakulam. The company is in the process of taking up three more such projects.