Gulyás said the second phase of construction had started in October and the project was set to finish in 2026.
Zsolt Gyulay, who heads track operator Hungaroring Sport, said the paddock was being expanded by 3,000 sqm to around 8,300 sqm, while the area of the main building would increase to 31,017 sqm. The pit stop will also be expanded to comply with FIA regulations, he added.
Hungaroring delivers progress reports on the circuit upgrade to Formula 1 owner Liberty Media on a monthly basis, he said.
A consortium of Hungary's Market Épitő and Bayer Construct earlier won the tender for the upgrade with a bid of HUF 79 bln.
Gulyás noted that Hungary had negotiated a discount of HUF 107 bln on its F1 hosting fee last summer, when its contract to host the Hungarian Grand Prix was extended by another five years until 2032.
Hungaroring, which unveiled a new logo on Monday, will host this year's Formula 1 Hungarian Grand Prix on July 21.
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