Looking at all the hovercrafts here i thought i would share a hovercraft i built a couple of months back  
Unfortunately, I do not have complete build logs. But i do have some finished images and videos. Will upload them shortly.

I am neither a professional modeller, nor someone with loads of time and space. Yet somehow, this was an easy build to make in about a couple of weeks.
It is a custom design i made based on some research on the internet and constraints of the materials i had at hand  
It achieves great speeds and corners well. It is slightly overpowered because my original intent was to hook up an Arduino and make this an autonomous craft. But i am really busy with work off late and hence and shelving this project indefinitely.

Initial video link below...
https://www.youtube.com/watch?v=RhwSa_fNimY&feature=youtu.be

It's great to see Hovercrafts around.
Shaastra 2015 will also have about 15 teams participating in the Hovercrafts Building Project of which we are proud to be one of the key suppliers of.