An almost-four-year-old ban on construction in Gwadar was lifted on Feb. 28, 2020. The news came almost a month after the masterplan of the smart city was unveiled.
This is good news for property investors and developers, in particular, who can now proceed with new construction and developments in the smart city. In this blog, we will discuss what the lifting of the ban entails and how it will help boost trade and economic activity in the region.
On Feb. 28, 2020, Shahzeb Khan Kakar, the Director-General of the Gwadar Development Authority (GDA), announced the lifting of the ban on construction in Gwadar. The new development is a breath of fresh air for property developers who have stakes in the region, as the GDA was not issuing any no-objection-certificates (NOCs) for new construction, owing to the ban.
An official notification by the GDA states, “It is hereby notified that the ban on all kinds of NOCs for housing, commercial, industrial, recreational, warehouses and all types of construction and development activities within the jurisdiction of Gwadar Development Authority is here lifted with immediate effect.”
The construction ban lifted in Gwadar in 2016 for a period of six months because the authority needed time to revise Gwadar’s masterplan along the lines of a smart port city. In fact, according to Mr. Kakar’s address to the Association of Builders and Developers (ABAD) on Feb. 21, 2020, Gwadar will be “developed like Singapore.”
After months of research and deliberation, the official masterplan of Gwadar was finalized in the first half of February. Now that there’s a proper layout, the GDA has given the go-ahead to new construction in the city.
All government semi-government bodies would need to first obtain a NOC from the GDA to carry out any kind of construction activity and have to follow all construction bylaws, as specified in the new masterplan of Gwadar.
Gwadar will comprise seven ecological corridors, around 11 urban zones and a special economic district to help attract foreign capital, according to the masterplan. However, there are some challenges.
As mentioned in Nikkei Asian Review, more than PKR 100 billion is required to build the basic infrastructure of the city. At the moment, Gwadar receives electricity—albeit irregularly—from Iran. A 300-megawatt coal-fired power plant, which is being constructed under the China-Pakistan Economic Corridor (CPEC), is also expected to provide electricity to the city in about two years.
Then there is a shortage of water in the city as well. However, the provincial and federal government authorities are taking special measures to address the problem. It is expected that Gwadar will meet its future water demands by building more desalination plants.Supply lines from the nearest dams, Akra Kaur, Sawad and Shadi Kaur, to the port city are being laid. Water in these dams is expected to last for up to 5 years.
Lifting of the ban on construction in Gwadar means more opportunities for investment. If you’re also interested in becoming a stakeholder in what is set to become the next economic hub of Pakistan, then check out the following properties in Gwadar.
There are various plot files up for sale in Gwadar. If you are looking to buy a 5 marla plot file in Gwadar, then keep a budget of PKR 2 lakh to PKR 8 lakh. 10 marla plot files are being sold at prices ranging from PKR 8 lakh to PKR 18.5 lakh. A 1 kanal plot file in Gwadar can be bought in the PKR 7 lakh to PKR 18 lakh range.
Commercial properties are also up for sale in Gwadar. So, if you are looking for a particular investment opportunity, then take a look at the plot prices of these commercial properties up on sale in Gwadar. Prices of commercial properties range from PKR 8 crore to PKR 3.5 billion.
So, these were some of the latest updates on Gwadar. For more information, keep reading My Blog, the best real estate blog in Pakistan. If you want to know more about Gwadar and how it became a tax-free-zone, check out our piece on the 23-year tax holiday in Gwadar. Don’t forget to write to me at firstname.lastname@example.org and I will surely get back to you.