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Paramount Developers has deposited more than INR 106 crore with the Noida Authority and the Greater Noida Authority, clearing long-standing land-cost dues that had blocked property registrations for 135 flats in two housing projects. Payments of around INR 80 crore to the Noida Authority for Paramount Floraville in Sector 137 and approximately INR 26 crore to Greater Noida Authority for Paramount Emotions in Greater Noida West were made under protest while legal proceedings continue over the dues. With the financial liabilities now settled under the Uttar Pradesh government's settlement framework for stalled projects, registries for 35 flats in Paramount Emotions and 100 flats in Floraville can be executed. Homebuyers previously faced delays in concluding ownership formalities despite completed certificates and possession in many cases. The move follows revised dues calculations under state policy.
Noida-region homebuyers tied to two long-standing housing projects of Paramount Developers have gained a crucial regulatory clear-up after the developer deposited INR 106.11 crore with the Noida and Greater Noida authorities, enabling the execution of property registries that had been on hold for years. The payments clear outstanding land-cost dues that had hindered 135 flat buyers from completing ownership formalities, officials said. Advertisement
Under the state government's settlement mechanism for stressed housing projects framed on the recommendations of the Amitabh Kant Committee Paramount Emotions in Greater Noida West and Paramount Floraville in Sector 137, Noida, were required to clear revised dues to obtain no-dues certificates from the authorities. Paramount Developers deposited about INR 25.63 crore with the Greater Noida Authority for Paramount Emotions and around INR 80.48 crore with the Noida Authority for Floraville. Payments were made under protest as legal proceedings over the liabilities continue before the courts.
Paramount Emotions, launched in 2010 and spread over approximately 11 acres with 1,716 total units, received its completion certificate in February 2018. Of these, 35 flat registries remained pending due to unresolved dues, even though 1,681 registrations had been executed previously. Paramount Floraville, also a 2010 launch project covering about 12 acres with 1,521 flats, had seen 1,421 registries completed. Occupancy certificates for 14 towers were issued by March 2015, while the remaining two towers were certified in January 2024. The dues settlement now clears the way for the remaining 100 registries in Floraville to be executed.
Officials noted that until the dues were cleared, homebuyers could not complete the final ownership transfer despite having possession and, in many cases, occupancy certificates. The settlement framework, adopted by the Uttar Pradesh government to revive stalled housing projects, rationalises penal interest on outstanding dues and recalculates land liabilities to make final deposits feasible for developers and authorities alike.
Buyers and property market observers welcomed the development, emphasising that registry clearance strengthens legal ownership rights, eliminates transfer barriers and enhances resale and mortgage prospects. With the pending registrations now poised to be executed, the move is expected to resolve a longstanding administrative bottleneck that had constrained residential transaction activity in the two societies.
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