Sale of plots and lands slow down at Panjapur

Sale of lands and plots at Panjapur, where a new integrated bus terminus (IBT) is built, and its surrounding areas on Tiruchi-Madurai Highway, has slowed down in recent months, although the stretch continues to be the top pick among the highways in and around Tiruchi.No real estate promoter preferred to invest in Panjapur till the announcement was made on building the IBT in 2021. The rate for one acre of land hovered between ₹40 lakh and ₹50 lakh before the announcement. However, the land prices began to shoot up immediately after the announcement. The prices witnessed manifold increase since the opening of the IBT.According to sources in the real estate industry, one acre of land in Panjapur near the IBT, was quoted at ₹12 crore to ₹15 crore in August and September. One plot approved by the Directorate of Town and Country Planning measuring 2,400 sqft within the 500-metre radius of the IBT was quoted ₹10,000 per sqft. It was quoted between ₹5,500 to ₹6,000 a sq. ft. months before the opening of the IBT.It was expected that business would flourish with operation of long distance and city buses once the IBT was opened. However, other areas, except for the IBT premises, did not witness anticipated uptick in business. Sources in the real estate sector attributed this to the bus terminus being situated in a remote part of the city. They said that instead of promoting private building shops and establishment on tapping the resources of passengers footfall, the State government chose to build shops along with the IBT. This impacted the growth.Industry sources say there has been no drop in price although there was a slump in sale of plots and lands even after the change of Government. However, the landowners, who possess lands on the Tiruchi-Madurai Highway, quote unreasonable prices without analysing the market condition.The land rate at Chettiapatti, Senkurichi, Padugai, and Aravakudi in the next ring of one km and at Manikandam, which is located about 4 km from the IBT, also shot up.“The market is in slump when compared to the scenario between 2021 and 2025. Several tracts of vacant lands up to Viralimalai have already become layouts. Remaining vacant lands are only with investors, but they quote rates in square feet. The unreasonable rates have also impacted the business,” says S. Ramadoss, Regional Director, Isha Homes.However, he says the realtors still bet on Tiruchi-Madurai Highway, followed by Tiruchi-Dindigul Highway. The Tiruchi-Pudukottai Highway and the Tiruchi-Chennai Highway stand third and fourth choices of realtors.Mr. Ramadoss said the construction of ₹415-crore Tidel park near the IBT, which is expected to attract many Information and Technology firms and the Integrated Vegetable and Fruit Market at Panjapur at an estimate of ₹236 crore continued to attract plot buyers. The area would register considerable growth once they become operational.M. Prabakar, a real estate agent, said that money flow was poor in recent months. Delay in launching new government projects could be a reason. It had impacted the sentiment. Published - November 03, 2026 08:33 pm IST