Land prices soar in Panjapur due to bus terminus

Land prices in and around Panjapur have surged dramatically due to the nearing completion of an integrated bus terminus (IBT). Reports indicate that prices have jumped from around ₹40 lakh per acre in 2021 to as much as ₹13 crore now. The area along the Tiruchi-Madurai Highway has limited private land, mostly surrounded by government land and water bodies. Over 40 years ago, the local government acquired 574 acres primarily for garbage disposal. Now, this land has become a valuable asset, with over 100 acres allocated for the IBT, a truck terminal, and other developments. Before the announcement of the IBT in 2021, land prices were low, with few buyers. However, prices began to rise quickly after the project was confirmed, doubling within a week. As construction progressed, prices continued to soar abnormally. Land within half a kilometer of the IBT is now priced between ₹9 crore and ₹13 crore, while nearby villages see prices ranging from ₹6 crore to ₹8 crore per acre. Areas further from the IBT, like Manikandam, are also experiencing significant price increases. Developers anticipate that Manikandam will become a sought-after residential area. On the Tiruchi-Madurai Highway, land prices extend up to 17 km away, affecting surrounding towns. Competition among land buyers has allowed landowners to set prices as they wish, making it difficult for most people to afford plots. A local developer noted that prices have increased at least twentyfold since the IBT construction began, raising concerns about housing affordability in Panjapur. Despite the high prices, many developers from Chennai are investing in the Tiruchi area, hoping to capitalize on the demand as the IBT and a Tidel park are completed. It is expected that prices may stabilize once these projects are finished.