If you’re an F1 fan, you needn’t be content watching the sport merely in the comfort of your living room. The GIFT City will host an F1 event as early as 2028.
It has emerged that the organisers have initiated a feasibility study for the project, which could range from Rs 5,000 crore to Rs 10,000 crore.
It may be recalled that India’s first Formula 1 (F1) street racing international track — Buddh International Circuit in Uttar Pradesh — didn’t quite create a stir after hosting three Indian Grand Prix seasons between 2011 and 2013 over entertainment tax issues.
The International Financial Services Centre (IFSC) was chosen to set up the Formula One (F1) circuit primarily because of its non-taxable nature, which is essential for hosting international competitions of this kind.
According to a tabloid, the ruling party is keen to bring F1 back to India at GIFT City. The report added that a group of racing specialists from the UK visited GIFT City in August 2023 to investigate the possibility, which marked the beginning of the movement in this direction.
Ahmedabad is being prepared for the 2036 Olympics by the government. Still, the addition of an F1 circuit, which attracts roughly 1 lakh visitors over three days, will have a significant positive impact on the local economy.
What the F1 event can do:
- Boost real estate and hospitality
- Make Gift City a popular global real estate hub
- GIFT City may attract international businesses to open offices due to tax advantages
- It can boost the tourism and hospitality sectors
For the Uninitiated:
- Typically, the races will witness 20 drivers in all across 10 teams of two cars each.
- There are 24 races in a year.
- Usually, race weekends last three days.