This research is an extension of our earlier published (2+1) dimensional cosmological models in f(R,T) gravity with \(\text{Λ}\)(R, T) (IOP Conf. Ser. J. Phys. Conf. Ser. 2019, 1258, 012026). A different class of cosmological space model is studied under modified theories of f(R,T) gravity, where the cosmological constant \(\text{Λ}\) is expressed as a function of the Ricci scalar R and the trace of the stress-energy momentum tensor T. We call such a model as “\(\text{Λ}\)(R, T) gravity”. Such a specific form of \(\text{Λ}\)(R, T) has been defined in the dust as well as in the perfect fluid case. We intend to search for a combined model that satisfies the equation of state for dark energy matter or quintessence matter or perfect matter fluid. Some geometric and intrinsic physical properties of the model are also described. The energy conditions, pressure and density are discussed both when \(\text{Λ}\) = \(\text{Λ}\)(r) is a function of the radial parameter r, as well as when \(\text{Λ}\) is zero. We study the effective mass function and also the gravitational redshift function, both of which are found to be positive as per the latest observations. The cosmological model is studied in f(R,T) modified theory of gravity, where the gravitational Lagrangian is expressed both in terms of the Ricci scalar R and the trace of the stress-energy tensor T. The equation of state parameter is discussed in terms of ω corresponding to the three cases mentioned above. The behaviour of the cosmological constant is separately examined in the presence of quintessence matter, dark energy matter and perfect fluid matter.