In a significant relief for homebuyers waiting for years to register their flats, Paramount Developers has cleared outstanding dues exceeding Rs 106 crore, enabling long-pending property registrations in two major residential projects in Noida.
The move will allow 135 homebuyers in Paramount Emotions and Paramount Floraville to finally complete the registry of their homes after prolonged delays.
Paramount Emotions Project Nears Completion
The Paramount Emotions project, spread across 11.278 acres, was launched in 2010 and consists of 19 residential towers with 1,716 units.
The project received its completion certificate on February 12, 2018. According to the developer, 1,681 flats have already been registered, while 35 registries were pending due to financial liabilities linked to the project.
To clear these obstacles, the developer deposited ₹25.63 crore, settling all paid and unpaid dues and allowing the remaining buyers to proceed with registration.
Paramount Floraville Also Moves Forward
Similarly, the Paramount Floraville project in Sector 137, Noida, spread across 12.357 acres, was also launched in 2010 and comprises 16 towers with 1,521 flats.
While 14 towers received occupancy certificates in March 2015, the remaining two towers obtained occupancy certificates on January 31, 2024.
Out of the total flats, 1,421 registries have already been completed, while 100 registrations were pending due to unresolved financial issues between the developer and authorities.
The company has now deposited Rs 80.48 crore with the Noida
Authority to settle outstanding dues.
Relief Under UP Government’s Stalled Housing Policy
The payments were made under the Uttar Pradesh government’s policy for stalled housing projects, which offers interest waivers and recalculates dues to help revive delayed developments.
With the financial liabilities cleared, administrative hurdles for 135 homebuyers across both projects have been removed, allowing them to finally complete long-awaited property registrations.
For many buyers who invested over a decade ago, the development brings long-awaited closure and the opportunity to legally own their homes.
