Land prices shoot up in and around Panjapur with the Integrated Bus Terminus nearing completion

Land prices have witnessed steep increase in Panjapur and its surrounding areas on the Tiruchi-Madurai Highway, where the integrated bus terminus (IBT) has been built.

Land prices have witnessed steep increase in Panjapur and its surrounding areas on the Tiruchi-Madurai Highway, where the integrated bus terminus (IBT) has been built.

Unlike the areas around bus stands in cities such as Madurai and Coimbatore, availability of private land is limited in Panjapur. It is mainly surrounded by government land and some waterbodies, including Panjapur lake. The Corporation acquired 574 acres of land about 40 years ago mainly to dump garbage. It has now emerged as a major and valuable asset for the civic body. Of the 574 acres, the civic body has allotted over 100 acres for the integrated bus terminus, truck terminal, Tidel park and the wholesale market for fruits, vegetables and flowers.

The land prices at Panjapur were abysmally low until the official 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. There were hardly any takers even at such low prices. However, the land prices began to shoot up immediately after the announcement. It doubled within a week. The prices witnessed manifold increase since the start of construction of the IBT.

The land prices have become dearer for the common people as the prices continue to soar abnormally and without logic. According to sources in the real estate, one acre of land at Panjapur and within half a kilometer radius of the IBT, which is about to be inaugurated in a month, is quoted at ₹9 crore to ₹13 crore. It is ₹6 crore to ₹8 crore at Chettiapatti, Senkurichi, Padugai, Aravakudi and other villages situated in the next ring of one km.

Manikandam, which is located about 4 km from the IBT, is witnessing abnormal increase in land prices. The prices of one acre of land hover between ₹3 crore and ₹6 crore. Visualising that Manikandam will be a major residential locality similar to Cantonment and Thillai Nagar in the next few years, the real estate promoters have invested heavily in and around Manikandam, Nagamangalam, and Fathima Nagar. Similarly, the prices are abnormally high along the Tiruchi-Madurai Highway. While the impact is clearly felt up to Viralimalai in Pudukottai district, which is 17 km away from Panjapur, in the south, the areas on the Tiruchi-Thuvakudi ring road in the east and Karumandapam, Pirattiyur, and Punganur on the west are witnessing a boom. As plot promoters compete with one another in buying properties, the landowners quote the prices at their will.

Industry sources say the prices have gone up by at least 20 times within three years of starting the construction of the new bus terminus.

“The increase in land prices is unprecedented and unbelievable. The landlords quote prices at their will. Common people find it difficult to buy plots. The abnormally high prices pose a question on providing affordable houses in the vicinity of Panjapur,” says M. Thamaraikannan, a Tiruchi-based land developer.