The managing director of Jaypee Sports International (JPSI), Sameer Gaur maintained that the decision for the Jaypee Group to host the Formula 1 Indian Grand Prix was the right one and that JPSI is committed to host the race in 2015 after sitting out the 2014 F1 season.
Speaking at a National Geographic press conference - along with former F1 racer Narain Karthikeyan - at the Buddh International Circuit, Gaur said that the hosting of the F1 race tied in with the Jaypee Group's long term plans of having an event that would generate interest in the Greater Noida area in terms of real estate development.
"Our total investment in this project as of now has been Rs. 3,000 crore (485 million U.S. dollars)," said Gaur on the sidelines of the preview of a National Geographic documentary on the construction of the circuit. "Given the current state of the economy, however, we don't expect the F1 project to run into a project until 2016 or 2017."
Gaur stated that while the Jaypee Group was prepared to go it alone as a private entity in the hosting of the F1 race, there were two aspects in which both the state government of Uttar Pradesh and the central government could help out.
"The government could definitely help out in terms of infrastructure," said Gaur. "The construction of a metro line to Greater Noida would help in people getting to the circuit.
"They (government) can also help create a festive atmosphere around the F1 race and help in promoting it that way, a bit like the way it is done in Singapore."
Gaur claimed that 20,000 tickets had been sold for this year's F1 race as per JPSI's last count and that he was expecting last year's race day attendance of 65,000 - as compared to the inaugural year's 95,000 Sunday total - to at least be matched for this year's edition, which is scheduled to be held from October 25 to 27.
With regards to dealing with customs, Gaur suggested a bond payment instead of waiting for a period of anywhere from six to eight months for a refund on duties paid for the 'temporary import' of material intended for the F1 race weekend.
Karthikeyan, however, was confident about the future of F1 in India despite the 'stop-gap' year of 2014.
"I think F1 needs India in the long term," said Karthikeyan. "It's a smart business and it knows it.
"As Indians we should be proud of this facility. Most are I think but there are some that aren't. But that's the way it is."
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