The news that India is all set to hold its first ever Formula One Grand Prix in 2010 is steadily pushing the rental property rates in Greater Noida and nearby areas. The high voltage racetrack will be constructed by JP Associates, which belongs to the Jaypee Development Group. The all new 3.1 mile track will come up at Greater Noida and the area is already experiencing increased property demand from fans and those associated with the event in some capacity.

Greater Noida has already been in the news due to the upcoming Taj Expressway and an International Airport, and is indeed very well positioned to benefit from the rapid economic development, since its infrastructure development plan is said to be among the best in India. The Formula One event, however, will put Greater Noida on the high priority attention list among travelers and the business fraternity.

Before the event was formally awarded to India, negotiations went on for about four years. The 77-year-old Chief Executive of Formula One, Bernie Ecclestone, plans to add sales of about $1 billion and believes that there will be a massive increase in the popularity of the event in India when it becomes a regular feature in the country. He has a good track record in popularizing the event, as he has already started races three years ago in Bahrain and China, while the one in Singapore is scheduled to begin next year.

Earlier, the Spyker team was bought by renowned Indian businessman Vijay Mallya and renamed Force India. The team is expected to start competing in the Formula One championship from next year. The Spyker team finished the 2007 season in the 10th place, ending the year on a good note after a shaky start. The Challenge for Force India in 2008, however, would be to perform more consistently and target more points.