Paramount Group Clears ₹106 Cr Dues, 135 Flat Registries Unlocked

• ₹106 crore deposited with Noida and Greater Noida authorities

• Registry process unlocked for 135 pending flats

• Payment made under UP govt settlement plan for stressed projects

Paramount Group has deposited more than ₹106 crore with the Noida and Greater Noida authorities, clearing outstanding dues in two residential projects and enabling the registry of 135 flats that had been pending for years.

The payment includes around ₹80 crore deposited with the Noida Authority and approximately ₹26 crore with the Greater Noida Industrial Development Authority (GNIDA). The dues were settled under a special framework introduced by the Uttar Pradesh government to resolve financial disputes in stalled or stressed housing projects.

The clearance will allow registries for 35 flats in Paramount Emotions located in Greater Noida West and 100 flats in Paramount Floraville in Sector 137, Noida.

For many homebuyers, this development removes a major hurdle that had delayed ownership formalities despite possession being granted earlier.

Paramount Emotions Project Details

Spread across 11 acres in Greater Noida West, Paramount Emotions was launched in 2010 and consists of 19 residential towers with 1,716 apartments.

The project received its completion certificate on February 12, 2018, and a majority of buyers have already completed property registration. According to the developer, 1,681 registries have been executed, while the remaining 35 flats were pending due to financial disputes with GNIDA regarding outstanding dues.

With the recent payment, the project now has no pending financial liabilities, allowing the registry process to move forward for the remaining buyers.

Floraville Project in Sector 137

The second project, Paramount Floraville, is located in Sector 137, Noida, and spans around 12 acres. It includes 16 residential towers with a total of 1,521 apartments.

The development was also launched in 2010. Occupancy certificates for 14 towers were issued in March 2015, while the remaining two towers received occupancy certificates in January 2024.

So far, 1,421 flats have already been registered, while the remaining 100 registries were pending due to outstanding dues with the Noida Authority.

Payment Made ‘Under Protest’

Interestingly, the dues were cleared despite an ongoing legal dispute between the developer and the authorities. The matter is currently pending before the High Court, where the developer had obtained a stay order against coercive action.

However, to facilitate homebuyers and allow property registrations to proceed, the company deposited the amount “under protest.”

The payments were made under the state government’s settlement framework, which follows recommendations from the Amitabh Kant Committee. The committee proposed recalculating dues for stalled projects and rationalising penal interest, making it easier for developers to clear liabilities and complete pending registrations.

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