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News: Indian property in pole position

Mon, 19 Nov 07

Formula One is set to provide the India property market with a major boost...

Following the news that Delhi will hold India’s first Formula One Grand Prix in 2010, it was announced today that the race to host the event has been won by Indian based company JP Associates, part of the JayPee development group.

The highly coveted rights to produce a new racetrack for the event were handed to the group by Bernie Ecclestone today, following an inspection by F1 track architect Herman Tilke. The brand-new 3.1 mile course will be built in the New Delhi satellite town of Greater Noida, 30 miles west of the capital city.

The JayPee Group is a successful local developer, and market their properties in the UK through London based Assetz.

Icing on the cake

Nick Booker of Assetz India, commented today: "Winning the Grand Prix bid is just the icing on the cake for Greater Noida. The area is already in pole position to take advantage of India's rapid economic development, boasting the best infrastructure development plan in the country, including the upcoming Taj Expressway (linking it with Delhi and the Taj Mahal) and a new International Airport

“Being a regular host of one of the world’s biggest sporting events will firmly put this emerging city on the map. A lot of attention has focused on other suburbs like Gurgaon, but the infrastructure development in Greater Noida is truly world-class and the finest in India.”

The primary scheme for property investment in the region is JayPee Greens, a luxury 450 acre development including an 18-hole PGA golf course designed by Greg Norman, built by the same company that is producing the new Formula One track. The area is beginning to attract a wealth of investors, with prices starting at around £50,000 for large (1300 sq.ft), two-bedroom apartments.

For more information contact: http://www.assetzindia.com

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