The Tata Nano was released at a price of $2000 (at the time) currently around $2500 from what I gather on Wikipedia.
So, it'd probably cost R30 000 - R35 000 here in SA?
Here are some things Tata did to reduce the cost of making the Tata Nano (copy pasted cause I'm lazy)
Cost cutting features
The car's exterior was designed at Italy's Institute of Development in Automotive Engineering.
The Nano's design implements many measures that make its manufacture cheap.
The Nano's trunk is only accessible from inside the car, as the rear hatch does not open.
One windscreen wiper instead of the usual pair
No power steering, unnecessary due to its light weight
Three lug nuts on the wheels instead of the usual four
Only one wing mirror
Radio or CD player is optional
No airbags on any model
624cc rear engine has only 2 cylinders
No air conditioning in base model
Weight: 600 kg
0-60 in 8 seconds
Top speed of 105 km/h
I think this car would be massively successful in South Africa, they would sell so many the mark up price would not even have to be more than 23.08% I reckon.
You could argue it's an unsafe car, but I really doubt it can go fast enough to hurt anyone :P