Paramount Developers has made a deposit exceeding Rs 106 crore with the authorities of Noida and Greater Noida, settling outstanding payments for two housing projects and allowing the registration of 135 flats.
Among these, 35 flats are located in Paramount Emotions in Greater Noida West, while 100 are situated in Paramount Floraville in Sector 137, Noida. As stated by the developer, approximately Rs 26 crore has been paid to the Greater Noida Authority and around Rs 80 crore to the Noida Authority, following a settlement mechanism established by the Uttar Pradesh government for distressed housing projects. Paramount Emotions, which spans 11 acres, was initiated in 2010 and consists of 19 towers with a total of 1,716 units. The project obtained its completion certificate on February 12, 2018.
According to data provided by the developer, 1,681 registries have been completed, leaving 35 flats pending, mainly due to financial disputes with GNIDA regarding outstanding payments. These dues were settled despite an ongoing legal dispute, during which the company obtained a stay order from the High Court that prevented coercive actions by the Authority.
The amount was deposited ‘under protest’ to facilitate the registries, and the project currently has no financial obligations. Floraville covers an area of 12 acres and includes 16 towers with 1,521 flats. Launched in 2010, the project received occupancy certificates for 14 towers on March 10, 2015, while the remaining two towers were granted occupancy certificates on January 31, 2024. In total, 1,421 registries have been finalized.
Representatives of the company indicated that approximately Rs 80 crore was deposited with the Noida Authority under the state government’s settlement framework, which was based on the recommendations of the Amitabh Kant Committee that aimed to rationalize penal interest and recalculate actual dues for stalled projects.
Although the dispute regarding dues has reached the High Court and is still pending, the company stated that it settled the amount ‘under protest’ to allow buyers to finalize registration and ownership processes.
