estate monetisation of the township. F1 will be the much-needed magnet for people to get out of the Capital city. The impact will be akin to the setting up of the Maruti factory that brought thousands of people to Gurgaon in the early ’90s and to the Mahindra World City set up in the outskirts of Chennai in the mid-’90s, which hosted automobile majors such as Ford, BMW, Volvo and Hyundai and even an IT major, such as Infosys.
“The global event is an excellent anchor strategy to bring a far flung area not considered part of an established development corridor into the mainstream,” says Srivasttava.
What about appreciation? Any emerging corridor around a metro city with a good credible growth story can fetch at least 20% year- on -ear for the next fiveseven years, he adds.
Initially, many may want to invest in the area with the long-term view of getting high returns but eventually as the event becomes an annual affair, it will become an end-user’s destination. Studios, serviced apartments etc are products that will definitely do well once the local economy develops.
“The mid-to-long term success would be singularly defined by the attractiveness of the sports city to an enduser instead of the investors,” he adds.
The real estate growth story around this sports city is definitely going to be different that of Dubai as the latter was targeted primarily as a lifestyle product for the elite, which is not the case here. This one has something for everybody.