Opening of the integrated bus terminus (IBT) led to an increase in land prices at Panjapur and its surrounding areas on Tiruchi-Madurai Highway.
The land prices in Panjapur were 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 then at the low prices. No real estate promoters preferred to invest in Panjapur till the announcement was made. However, the land prices began to shoot up immediately after the announcement. The prices witnessed manifold increase since the start of construction of the IBT.
Private land is limited in Panjapur unlike the areas around bus stands in cities such as Madurai and Coimbatore. The new bus terminus is surrounded by government land and some waterbodies, including Panjapur lake. Only a few landlords owned lands in the close vicinity of the new bus terminus. Sensing the situation, they are now demanding high prices for land.
According to sources in the real estate industry, one acre of land in Panjapur near the IBT, is now being quoted at ₹12 crore to ₹15 crore. Real estate promoters say that if anyone wants to buy a plot measuring 2,400 sqft within the 500-meter radius of the IBT, he will have to sell out at least ₹10,000 per sqft. It was quoted between ₹5,500 to ₹6,000 a sq. ft. months before the opening of the IBT.
