F3 track coming up near Panvel

A Formula 1 (F1) track in India might be a distant dream but motoring buffs in the country can have some consolation. A Formula 3 (F3) track is coming up near Panvel, along the Mumbai-Pune expressway.

Nitin Dosa, executive chairman of the Western India Automobile Association, told Business Standard that the track would come up on a 75 acre plot and the cost of the project would be around Rs 50 crore.

Dosa said the state government had promised to hand over the plot by the end of this year. The project would be completed within two to three years of getting possession of the land.

"F3 grand prix race may come to India by 2010." he said. In terms of racing track, there is hardly any difference between F1 and F3, but similarities end here. In terms of the speed of the cars, money pumped in, fan following, glamour, infrastructure etc, there is a world of difference between the F1 and F3 racing.

While F1 cars do easily cross the 350 km per hour (kmph) mark, F3 cars manage to hover between 250 to 280 kmph. Then there is a vast difference in the kind of money involved in the two versions of the motor sport. While teams such as Ferrari pays its top driver Michael Schumaker a salary of $30 million per annum, that could be the annual budget of the top team in the F3 category.

Meanwhile, senior tourism department officials said that the government was very keen on bringing F1 racing to the state, as it would not only bring in investments to the tune of Rs 2,000 crore but would also generate employment. A plot of land near Gorai and Navi Mumbai has been found suitable by the racing association.