Graph clustering and community detection are central problems in modern data mining. The increasing need for analyzing billion-scale data calls for faster and more scalable algorithms for these problems. There are certain trade-offs between the quality and speed of such clustering algorithms. In this paper, we design scalable algorithms that achieve high quality when evaluated based on ground truth. We develop a generalized sequential and shared-memory parallel framework based on the LambdaCC objective (introduced by Veldt et al.), which encompasses modularity and correlation clustering. Our framework consists of highly-optimized implementations that scale to large data sets of billions of edges and that obtain high-quality clusters compared to ground-truth data, on both unweighted and weighted graphs. Our empirical evaluation shows that this framework improves the state-of-the-art trade-offs between speed and quality of scalable community detection. For example, on a 30-core machine with two-way hyper-threading, our implementations achieve orders of magnitude speedups over other correlation clustering baselines, and up to 28.44x speedups over our own sequential baselines while maintaining or improving quality.