Registries cleared for 135 flats in two Paramount projs after dues payment
Greater Noida: Homebuyers in two housing projects developed by Paramount Developers will now be able to execute registries for 135 flats after the developer cleared land cost dues amounting to Rs 106.11 crore with the Noida and Greater Noida authorities, officials said.
The pending registries include 35 flats in Paramount Emotions in Greater Noida West and 100 flats in Paramount Floraville in Sector 137, Noida. Buyers had been unable to complete ownership formalities due to the developer’s unpaid dues.
“As per the rules, if the promoter of any housing society clears the financial dues, registries of flats can be executed in favour of the homebuyers,” said Vandana Tripathi, Additional Chief Executive Officer (ACEO) of the Noida Authority. Officials added that after clearing the outstanding amount, the developer must obtain a no-dues certificate from the authority to proceed with the registries.
According to details shared by the developer, Rs 25.63 crore was deposited with the Greater Noida Authority for the Paramount Emotions project, while Rs 80.48 crore was paid to the Noida Authority for Paramount Floraville. The payments were made under the Uttar Pradesh government’s policy aimed at reviving stalled housing projects by offering interest waivers and recalculating outstanding dues.
Paramount Emotions, spread across 11.278 acres, was launched in 2010 and comprises 19 towers with 1,716 residential units. The project received its completion certificate on February 12, 2018. According to company data, 1,681 flats have already been registered, while the remaining 35 registries were pending due to financial liabilities, which have now been cleared.
Similarly, Paramount Floraville, spread across 12.357 acres in Sector 137, Noida, was also launched in 2010 and comprises 16 towers with 1,521 flats. Fourteen towers received occupancy certificates in March 2015, while the remaining two were granted occupancy certificates in January 2024. So far, 1,421 flats have been registered, and the remaining 100 will now be eligible for registry. Officials said the move will provide long-awaited relief to 135 homebuyers.
