Ya! I am running it from source but still it takes a long time. I am wondering whether this is because of my processor(intel Pentium D) speed.
Phenix is huge, especially with the many dependencies, so it always takes a while to compile - this is one of the main reasons why we usually discourage use of the source installer. If you have multiple CPU cores, you can parallelize it by adding "--nproc=X" to the install arguments, where "X" is the number of cores to use.