I was actually thinking to buy a cheap HC-05 module while I was searching I found a similar (think so) module It say it is a replace for HC modules.
Is it compatible with Arduino Nano and will it work same as the HC-05 module ????
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In theory they are the same and have the same capabilities. Practically they are not. With SPP-C you get twice the headache for half the price as for HC-05. In had to find it out the hard way Sending data using Bluetooth SPP-C Module without a Breakout-Board. I tried both SPP-C and HC-05 with and without breakout boards finding the same issues. So if you are willing to spend time, risk your project and save some money then use SPP-C. Otherwise use the well known HC-05.
Yes, both the SPP-C and HC-05 are compatible with the Arduino range, and they do work in pretty much the same manner!