Noida: Paramount Developers has deposited over Rs 106 crore with Noida and Greater Noida authorities, clearing dues in two housing projects and enabling the registry of 135 flats. Of these, 35 flats are in Paramount Emotions in Greater Noida West, and 100 in Paramount Floraville in Sector 137 in Noida.
According to the developer, the company has paid around Rs 26 crore to Greater Noida Authority and about Rs 80 crore to Noida Authority under a settlement mechanism framed by the UP govt for stressed housing projects.
Paramount Emotions, spread across 11 acres, was launched in 2010 and has 19 towers with 1,716 units. The project received completion certificate on Feb 12, 2018. As per data shared by the developer, 1,681 registries have been executed, while 35 flats remained pending, primarily due to financial disputes with GNIDA over dues.
The dues were cleared despite an ongoing legal dispute in which the company secured a stay order from the High Court restraining coercive action by the Authority. The amount was deposited ‘under protest' to facilitate the registries. The project now has no financial liabilities.
Floraville is spread over 12 acres and comprises 16 towers with 1,521 flats. Launched in 2010, the project received occupancy certificates for 14 towers on March 10, 2015, while the remaining 2 towers were granted occupancy certificates on Jan 31, 2024.
A total of 1,421 registries have been completed. The company's representatives said that it had deposited around Rs 80 crore with the Noida Authority under the state govt's settlement framework based on the recommendations of the Amitabh Kant Committee, which rationalised penal interest and recalculated actual dues for stalled projects.
While the dispute over dues reached the High Court and remains pending, the company said it cleared the amount "under protest" to enable buyers to complete registration and ownership formalities.
Get the latest lifestyle updates on Times of India, along with
Holi wishes,
messages and
quotes !
Aditya Dev is an assistant editor at The Times of India. He repor...
Read MoreAditya Dev is an assistant editor at The Times of India. He reports on all three industrial development authorities — Noida Authority, Greater Noida Authority, and Yamuna Expressway Authority — focusing on real estate, infrastructure, and government policies that impact industry and commerce. He also covers court cases involving developers and industries in the NCLT, Allahabad High Court, and the Supreme Court. With over 17 years of experience in journalism across various cities, he has reported on a wide range of beats, including health, education, crime, courts, and the environment. He is driven by curiosity, on-ground reporting, and a commitment to fact-based, impactful journalism.
Read Less
Start a Conversation
Post comment