Homebuyers in Noida Sector 137 have received a major relief regarding their property ownership rights. The path for the registry of flats in the Paramount Floraville society is now clear after the builder deposited pending dues. The Paramount Group has paid ₹80.48 crore to the Noida Authority, resolving a financial deadlock that had stalled the administrative process for the project.
How many homeowners will benefit?
The recent payment resolves the hurdles for the entire project located in Sector 137. The society has a total of 1,521 flats. While registries for 1,421 units were completed in earlier phases, the remaining 100 flats were stuck due to an “administrative stay” imposed by the Authority over the non-payment of dues. With this deposit, the “No Dues Certificate” (NDC) process is being finalized, allowing the sub-lease deeds to be executed for the families who have been waiting.
Payment made under new government policy
The developer cleared these dues under the Uttar Pradesh government’s special policy for legacy stalled real estate projects. This framework uses recommendations from the Amitabh Kant Committee to recalculate dues, offering relief on interest for specific timeframes. Although the builder has deposited the amount “under protest” to fight the calculation in court later, this immediate payment ensures that the common homebuyers do not suffer any longer and can get legal ownership of their homes.
