Dhaka Speedy Trial Tribunal-1 Judge Abu Zafar Mohammad Kamruzzaman passed the order on Sunday.
The death row convicts are Hanif Paribahan bus driver Jamal Hossain, his helper Foysal Hossain and supervisor Jonny.
Payel, a fifth semester NSU student and son of Golam Mawla of Halishahar in Chattogram, was found dead in a canal at Bhaterchar in Gazaria upazila of Munshiganj on July 23, 2018.
A case was filed against three people, including the driver, helper and supervisor of Hanif Paribahan bus, at Gazaria Police Station the next day.
On April 2 last year, a tribunal framed charges against three people including the driver, helper and supervisor of a Hanif Paribahan bus for killing Payel in 2018.
Jonny confessed to his involvement in the killing after his arrest from Motijheel.
Police later arrested bus driver Jamal and helper Faisal from Arambagh in the capital.