Noida, Jan 09: There’s good news for 1,716 homebuyers associated with the Paramount Emotions housing project located in Greater Noida West. Supporting the coordination between the Greater Noida Authority and the state government’s efforts, the developer has cleared outstanding dues amounting to ₹25.63 crore related to the project. This move has resolved major administrative hurdles and brought relief to the buyers.
Spread over approximately 11.278 acres, the residential project comprises 19 towers and 1,716 residential units. The project received its completion certificate on February 12, 2018. With consistent efforts by the developer and the cooperation of the authority, the project is now moving toward a practical resolution.
According to the information, under the recommendations of the Amitabh Kant Committee implemented by the Uttar Pradesh government, a feasible settlement mechanism was introduced for stuck projects. The objective was to rationalize interest and penalties to ensure real payable dues are deposited so that homebuyers could get timely relief and stalled projects could progress. Supporting these recommendations, the developer has cleared all paid and unpaid dues related to the project.
There had been a long-standing dispute between Paramount Group and the Authority regarding the outstanding amount. The developer had filed a case against the Authority in the High Court, where the court issued a stay order in the company’s favor. The order explicitly stated that the Authority could not take any coercive action against the company. Despite the stay order, the company deposited the entire dues under protest to ensure that the home registration process for buyers could continue smoothly. As a result, all property registrations have now been opened.