Navi Mumbai Gears Up For December Formula 4 Race; Civic Body Projects ₹40 Crore Revenue Over Four Years
Navi Mumbai: The Formula 4 (F4) car racing track being developed along Palm Beach Road in Navi Mumbai has been completed, while 90% of the associated infrastructure works have been finished. The three-day racing event is scheduled to be held on December 4, 5 and 6. Meanwhile, the project cost has increased to Rs 39.83 crore from the original tender amount of Rs 31.93 crore, with the revised…
Navi Mumbai is preparing for a Formula 4 car racing event scheduled for December 4, 5, and 6 on the newly completed three-kilometer street circuit along Palm Beach Road. The project, developed by Racing Promotion Private Limited (RPPL), has seen a cost increase from the original Rs 31.93 crore tender to the revised Rs 39.83 crore.
This escalation is attributed to changes necessitated by actual site conditions and technical requirements during execution. The civic administration's role has been limited to repairing roads and installing cement blocks, while RPPL will provide barricading, galleries, and foot overbridges for the event. The temporary installations will be removed post the three-day event.
The project aims to boost tourism, promote sports tourism, generate employment, and attract investment. RPPL, involved in motorsports and the promotion of car racing events in India, holds the requisite rights and licenses to organise motorsports competitions. The Maharashtra Chief Minister and NMMC Commissioner signed a memorandum of understanding for the event.
The civic body will receive a 25% share of revenue from ticket sales and advertisements, with the organisers responsible for hosting fees and obtaining necessary permissions. The NMMC has a four-year licence, with an estimated annual revenue of Rs 10 crore and a projected total income of Rs 40 crore.
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