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Old 17th February 2020, 13:44   #16
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Default Re: Buddh International Circuit sealed by YEIDA over pending payments!

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Originally Posted by petrol_power View Post
I am not getting into any political discussions, but didn't Jaypee and DLF get into issues with the change in government? is it the political issues which led to their fall?
On the contrary their problem started long back, yes it accelerated under current Dispensation.
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Old 17th February 2020, 13:51   #17
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Default Re: Buddh International Circuit sealed by YEIDA over pending payments!

They built the track in the (then) middle of nowhere, with the primary aim of escalating property prices they'd build in the vicinity.

Even before the F1 race was pulled, the promoter was already asking for subsidies to keep the track going, but were refused on the grounds F1 is categorized as entertainment under Indian taxation, not sport.

The track was always a gimmick to generate revenue elsewhere, there was no long-term sustainable plan to begin with.
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Old 17th February 2020, 14:35   #18
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Default Re: Buddh International Circuit sealed by YEIDA over pending payments!

Having a race track in India no matter how, is a matter of great pride for India.

If the private party has some difficulty financially, cut him some slack, it is still a win-win situation for the government in terms of tourism and use of the track.

Last edited by SmartCat : 17th February 2020 at 20:16. Reason: Removed political references
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Old 17th February 2020, 16:57   #19
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Default Re: Buddh International Circuit sealed by YEIDA over pending payments!

Jaypee has built critical infrastructure for our country. There is much respect for their infrastructure projects like dams, expressway etc.

Once an industry insider told me that Jaypee takes projects that others hesitate to and effectively executes them.

In this case their finances could not keep up with their ambitions.
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Old 17th February 2020, 17:09   #20
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Default Re: Buddh International Circuit sealed by YEIDA over pending payments!

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Originally Posted by stanjohn123 View Post
Having a race track in India no matter how, is a matter of great pride for India.

If the private party has some difficulty financially, cut him some slack, it is still a win-win situation for the government in terms of tourism and use of the track.
If you pick up articles, it is clear that the tax issue actually started in 2009 and the issue was with the central govt. (Sports ministry) not willing to forego taxes as they said F1 is not a sport but entertainment, and so was the state govt. What is currently happening is merely consequences of JP group not able to pay up.

Last edited by SmartCat : 17th February 2020 at 20:16. Reason: Quoted post edited
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Old 17th February 2020, 18:08   #21
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Default Re: Buddh International Circuit sealed by YEIDA over pending payments!

YEIDA itself is highly mismanaged and a total mess. I have invested in its residential plot scheme alongside Yamuna expressway and they are almost in the same boat as Jaypee. Many owners are due possession of their plots but see no signs of it happening. Their colonies are no where near a stage where they can be handed over to respective owners but YEIDA is still doing it to generate funds from registration process. I think lack of funds just might have triggered this extreme step from them.

Feel sad for Jaypee home buyers though as this step would worsen the situation for parent company.
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Old 17th February 2020, 23:09   #22
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Default Re: Buddh International Circuit sealed by YEIDA over pending payments!

I was planning to do a 250kmph run here in March. What am I supposed to do now?
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Old 18th February 2020, 11:15   #23
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Default Re: Buddh International Circuit sealed by YEIDA over pending payments!

It's amazing how much of the boom during 2004
- 2010 in private Indian companies was fueled by unsustainable debt. I have no sympathies for Jaypee, they've cheated innocent homeowners by diverting funds. In Himachal, they really degraded the environment whilst making the Karcham Hydropower project (now sold) - also they have a reputation of bribery etc in HP.
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Old 18th February 2020, 11:19   #24
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Default Re: Buddh International Circuit sealed by YEIDA over pending payments!

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Originally Posted by GTO View Post

And let's not forget how BORING F1 has become. F1 in India is destined to fail.

I'm just sad because this is a great, driver's track.
The harsh truth no F1 fan wants to hear. Also, F1 is a very European sport where many of the tracks and most of the teams are European. That said, hosting the F1 is seen as more of a prestige thing for many developing countries with Vietnam being added to the calendar in 2020.

It was indeed Jaypee's fault but the UP government didn't help either as said in this quote by Karun Chandhok to the BBC

Quote:
Formula 1 driver Karun Chandhok says that while he can understand the government not being involved, "It'll be good if they didn't hinder the process."
The then Andhra CM Chandrababu Naidu pushed for the track to be located near Hyderbad and I have a feeling that the Indian GP would have had more of a chance to succeed if it was located in an investment friendly state like Gujarat, Maharastra, Andhra Pradesh or Tamil Nadu.

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Originally Posted by gauravdgr8 View Post
If you pick up articles, it is clear that the tax issue actually started in 2009 and the issue was with the central govt. (Sports ministry) not willing to forego taxes as they said F1 is not a sport but entertainment, and so was the state govt. What is currently happening is merely consequences of JP group not able to pay up.
Well, the latest news from NDTV clearly says that they had a tax dispute with the UP government (and hence not the Centre).

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However, the venue was removed from the F1 calendar in 2014 after a tax dispute with the Uttar Pradesh government
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Originally Posted by gasinveins View Post
This leaves only two tracks in India remaining until Buddh reopens, The MMRT in Chennai and Kari Motor Speedway in Coimbatore. What happens to the events scheduled there in upcoming months?
Apparently, only the VIP entrance is closed and the events will go on as scheduled.

Last edited by dragracer567 : 18th February 2020 at 11:27.
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Old 18th February 2020, 11:50   #25
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Default Re: Buddh International Circuit sealed by YEIDA over pending payments!

https://auto.ndtv.com/news/buddh-int...from=home-auto

Not everything is lost, track is still available for runs.
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Old 18th February 2020, 17:24   #26
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Default Re: Buddh International Circuit sealed by YEIDA over pending payments!

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Originally Posted by dragracer567 View Post

The then Andhra CM Chandrababu Naidu pushed for the track to be located near Hyderbad and I have a feeling that the Indian GP would have had more of a chance to succeed if it was located in an investment friendly state like Gujarat, Maharastra, Andhra Pradesh or Tamil Nadu.

Andhra Pradesh is coming up with FIA Grade 3 race track. Somewhat the same length as MMRT, work on it started last year with Karun Chandhok giving his inputs on track layout.

This one is developed privately by a Calcutta-based firm.

read about it here : https://auto.ndtv.com/news/fia-grade...radesh-1894813

Last edited by Chetan_Rao : 18th February 2020 at 18:07. Reason: Please capitalize first letters of names.
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