NOIDA: Paramount Developers has paid over ₹106 crore to the Noida and Greater Noida authorities, settling dues on two housing projects and paving the way for the registration of 135 flats. This includes 35 flats in Paramount Emotions located in Greater Noida West and 100 in Paramount Floraville in Sector 137, Noida.
As per the developer, approximately ₹26 crore was paid to the Greater Noida Authority, while ₹80 crore went to the Noida Authority, following a settlement framework established by the Uttar Pradesh government for distressed housing projects.
Paramount Emotions, covering 11 acres, was launched in 2010 and includes 19 towers with a total of 1,716 units. It received its completion certificate on February 12, 2018. According to the developer, 1,681 registries have been completed, leaving 35 flats pending due to outstanding financial disputes with GNIDA.
The dues were settled even amidst a legal dispute, where the company obtained a High Court stay order preventing coercive actions by the Authority. The payment was made ‘under protest’ to facilitate the registries, and the project now carries no financial obligations.
Floraville spans 12 acres and comprises 16 towers with 1,521 flats. Launched in 2010, it received occupancy certificates for 14 towers on March 10, 2015, with the remaining two towers gaining certificates on January 31, 2024.
A total of 1,421 registries have been completed. Company representatives stated that they deposited around ₹80 crore with the Noida Authority under the state government’s settlement framework, which recalibrated penalties based on recommendations from the Amitabh Kant Committee for stalled projects. While the dues dispute is pending in the High Court, the company has cleared the amount “under protest” to allow buyers to finalize registration procedures and ownership.
