Hi,
I am planning to organize an Indoor RC Car Drag racing event for Kids in Hyderabad, has anyone done this before?
any tips/advice will be appreciated...

Welcome to RC India

Since you mentioned "drag racing" versus just "racing"... do you mean the RC cars would be of explosive acceleration like in the ful size drag cars AND the race track would be just a straight track ? 

There are lots of threads on RC car racing events posted here already, where you can see pictures and videos of the tracks, and you can also see the categories of cars, competition rules etc.  Just look under "Cars" and "Events", or do some searches on this forum.

Hi Anwar, what you mentioned below is right except my Idea was to get the High end Ferrari Toy Cars for now and do a Drag race with 2 or 3 tracks of 30-40 ft at an Open Indoor Mall or an open road and organize this for Kids from 5-15 age group, I want to promote my company www.racingbazaar.in, which would sponser this event along with some other sponsors, I am interested to do the real RC cars drag race at some point later, any thoughts on which ones to buy for such an event....
thanks

So in short, you are looking for suggestions about on-road RC cars for racing ?  I think you will have to decide on which size/class you want to go for (1/8, 1/10, 1/16, 1/32).  Guess electric would make more sense for such an application ?