The Raja of
Nileshwaram honoured Nair with the title
Bhakthakavi and presented him with a
veerashrungala (golden bracelet) in 1949 and he received the title of
Sahitya Nipunan in 1963 from the
Raja of Kochi. He received the
Kendra Sahithya Academy Award for his work,
Thamarathoni, in 1967. In 1981, Eyamkode Sreedharan, with the help of Venugopala Varma, the then Raja of Kollengode who donated a plot of land, initiated the efforts to build a memorial for the poet in Kollengode which was subsequently taken up by the
Government of Kerala to establish the
Mahakavi P. Memorial Art and Culture Centre. 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 organisations,
Mahakavi P Foundation, based in Thiruvananthapuram and
Mahakavi P. Smaraka Samithi, based in Kanhangad; the former has instituted an annual literary award,
Kaliyachan Award ==In popular culture==