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Fraudulent agents run amuck with New Town property

Posted by mimran on April 10, 2017
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Gwadar is making headlines these days because of the lucrative returns it has to offer to its investors. Many people are entering Gwadar’s property market, anticipating sizeable returns on investment.

New Town Gwadar

New Town Gwadar is a state-owned housing project in Gwadar. It has received a bulk of investor attention because of its ideal location near the seaport, and because it offers different investment opportunities to property investors.

Recently, some instances of fraud were witnessed in the society. Not that there are litigation issues in the project, but lately some agents have been trying to fleece investors by selling them plots that are not included in New Town’s master plan.

In response to this, the society’s management has rolled out a notification warning investors against the fraudulent practices of some real estate agents that are dealing in New Town.

The management has unveiled that many plots have been fraudulently sold in the market. The plots in question do not exist within New Town’s approved master plan.

The management has given a heads-up to all future investors of the society to ensure that the plot they want to buy actually does exist in the society’s master plan. It has clearly stated that it will not be responsible for any fake plots that are sold. The due diligence needs to be taken care of by the investors themselves.

The management has highlighted in its notification that commercial plots measuring 200-, 400-, and 1,000-square yards have been traded illegally in the market and these plots have nothing to do with New Town. The management has also warned people that have bought these plots that they will be answerable for these fraudulent transactions, and legal action may be taken against them.

If you take away the misdeeds of a few agents, the project is actually promising for investment. Many people have been spooked by New Town because of news of fraud, but with due diligence investment here should be safe.

Residential and commercial plots are available in Phases I, II, III, and IV. Have a look at the table below to get an idea of the prices according to the plot size:

Residential Plots
500 Square YardsPKR 2,400,000 to PKR 7,000,000
1,000 square yardsPKR 6,000,000 to PKR 13,000,000
Commercial Plots
177 square yardsPKR 8,500,000 to PKR 9,000,000
222 square yardsPKR 10,500,000 to PKR 11,000,000
400 square yards*PKR 12,000,000 to PKR 55,000,000
555 square yardsPKR 15,000,000 to PKR 18,000,000
666 square yardsPKR 18,000,000 to PKR 22,000,000
1000 square yardsPKR 25,000,000 to PKR 150,000,000
1 acre**PKR 120,000,000 to PKR 150,000,000

*Some 400-square yard commercial plots are located on Marine Drive and they cost up to PKR 55,000,000.

**A few 1-acre commercial plots are under litigation and they may be relocated in the future.

New Town Phase V is not developed and offers residential plot files for various sizes, including 120 square yards, 200 square yards, 400 square yards and 1,000 square yards. Their prices are as follows:

Plot filePrice range
120 square yards PKR 1,000,000 to 1,200,000 
200  square yards PKR 1,500,000 to PKR 1,800,000
400 square yards PKR 2,300,000 to PKR 2,400,000
1000 square yardsPKR 3,600,000 to PKR 3,800,000

In the last 6 months, prices in New Town have increased 150% and it is expected that prices here will continue to increase in the time to come. If you have any queries about the project, feel free to throw them at me in the comments section below.

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