Paramount projects: Relief for buyers as dues cleared, can now get flat registries

The development removes administrative barriers for the total 135 flat buyers across the two projects, allowing them to proceed with long-delayed registrations

Homebuyers in two housing projects of Paramount Developers will be able to get the registries of 135 flats executed after the realtor has deposited ₹106.11 crore land cost dues to the Noida authority and Greater Noida authority in total, officials said on Tuesday.

The delayed registries comprised 35 flats at the Paramount Emotions housing society in Greater Noida West, and 100 flats in the Paramount Floraville society in Sector 137 in Noida, said officials. (Sunil Ghosh/HT Photo)

The delayed registries comprised 35 flats at the Paramount Emotions housing society in Greater Noida West, and 100 flats in the Paramount Floraville society in Sector 137 in Noida, said officials.

“As per the rules, if the promoter of any housing society clears the financial dues then they can execute registry of the flats in favour of the homebuyers,” said Vandana Tripathi, additional chief executive officer (ACEO), Noida authority.

These buyers had been unable to complete ownership formalities in the past, as the realtors had not clear the dues. After clearing dues, the realtor has to obtain a no dues certificate to become eligible for registry, said officials.

According to details shared by the developer with HT, ₹25.63 crore was deposited with the Greater Noida authority for Paramount Emotions, and ₹80.48 crore with the Noida authority for Paramount Floraville under the Uttar Pradesh government’s policy meant for stalled housing projects.

The developer said that it has cleared all paid and unpaid liabilities linked to the project by depositing ₹25.63 crore. With the dues cleared, the 35 buyers can now proceed with registration.

Likewise, Paramount Floraville, spread over 12.357 acres in Sector 137, Noida, which was launched in 2010, comprises 16 towers with 1,521 flats.

Fourteen towers received occupancy certificates on March 10, 2015, while the remaining two towers were granted occupancy certificates on January 31, 2024.

“A total of 1,421 registries have been completed so far, while 100 flats were pending registration because of unresolved financial issues,” said the realtor Paramount Developers’ spokesperson.

The company deposited ₹80.48 crore with the Noida authority under the Uttar Pradesh government’s policy which offered waivers on interest and recalculated dues for stalled projects.

The development removes administrative barriers for the total 135 flat buyers across the two projects, allowing them to proceed with long-delayed registrations.