Thanks to CPEC, Gwadar real estate business on the rise

ISLAMABAD: The real estate business in Gwadar is attracting investors from across the country as the city is being considered a business hub in near future soon after the completion of China-Pakistan Economic corridor (CPEC).

The Gwadar Port City is the next best destination for investment in real estate as a huge area of privately-owned land is being utilized for housing societies in the city.

Deputy Director Gwadar Development Authority (GDA), Changez Baloch told APP that real estate prices had been increased manifold during last few months.

He said that business situation in Gwadar is getting change from past, adding; many people are taking interest to invest in the city as their investment is giving good return due to sharp increase of the value of land.

He said the NOCs of all the investors who were violating the rules and regulations of GDA would be canceled, and they would not be able to start development work within the government-stipulated time frame.

He said the GDA was cooperating with investors and taking responsibility for providing municipal services in Gwadar City.

However, the development of housing schemes in the city is also causing problems for the citizens.

A resident of Gwadar Fazal Lashari said that a number of hilly mounds and rain drainage have been disappeared due to leveling of the land.

This developed land has been marked as private property schemes, he added.

Fazal said that the development work in Gwadar is at final stage, adding that everyone in the area is keen to obtain land.

Ghulam Mustafa a real state owner in Gwadar said that the GDA is creating problem in issuing of NOC for real estate investors.

Over the last year, he said the real estate prices in the area immediately surged due to infrastructure development projects being carried out as part of the CPEC.

The increasing prices have also revived the hopes of many other investors to invest in the Gwadar, he revealed.

Sharing the details of problems being faced in the area, he said that the shortage of water creates hurdles for the real estate development in Gwadar.

The developers and builders have to fetch it from Mirani Dam in Kech district, 200 kilometers from Gwadar, he added.

Samad Khan an investor alleged that some of GDA officials manipulate both land prices and allotment processes in order to benefit the people who entice them, he added.

Lamenting on the situation, Samad expressed sorrow that there are ambiguities and errors in land ownership records as the land settlement were done manually.