A government vocational school at Nair's native place, Bellikoth, has been named after him as "Mahakavi P. Smaraka Government Vocational Higher Secondary School" and a town hall in Kanhangad has been named "Mahakavi P Memorial Hall". Kanhangad also has another memorial of the poet, "Mahakavi P. Memorial" which was designed by M. V. Devan and houses a library and a public reading room. The upper floor of the building has since been converted into a museum and all the books and articles written by the poet, the chair and dresses used by him, as well as a gold chain presented by the Guruvayur Devaswomm on his 60th birthday are in display there. There are two eponymous organizations, "Mahakavi P Foundation", based in Thiruvananthapuram and "Mahakavi P. Smaraka Samithi", based in Kanhangad; the former has instituted an annual literary award, "Kaliyachan Award" and the latter manages two awards for recognising excellence in Malayalam poetry, the "Mahakavi P Memorial Award for Poetry" and Poetry Award for Young Poets".