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Pak-China corridor: a boon for Balochistan’s real estate

Namra Mansoor 05:12 PM | 16 Oct, 2015
Pak-China corridor: a boon for Balochistan’s real estate
The Sino-Pak agreement that would lead to the development of the $46 billion-China-Pakistan Economic Corridor (CPEC) has taken the deep-rooted friendship between the two sides up another level.

CPEC is China’s largest international investment venture so far and promises to bring immense benefits to the two sides, both political and economic.

As indicated by its name, the multi-million dollar project will facilitate business, trade and transportation of various goods and materials between China, Pakistan and various other countries. The corridor would connect Gwadar with China’s autonomous region of Xinjiang through a network of railways, highways, pipelines, production units and industries running along the route.

This set of infrastructure would literally work as a “corridor” to enhance the free-trade pact between the two countries and provide an uninterrupted link between the China, the world’s largest oil importer, and the Middle East, which is right across the Arabian Sea.

The first site of development is located at the southern end of Balochistan — the port city of Gwadar. The city’s landscape is primed for being developed into an industrial hub and a baseline for transportation of goods to China. With an additional promise of improved communications and energy infrastructure, local businesses in the city are poised for exponential growth.

Balochistan’s government has also introduced modern housing schemes to stir up real estate activity in the area. Mir Mazhar Ali Magsi of Gwadar Iqra Associates, in an interview with property portal Zameen.com, said these schemes were ideal for short-term investment as value of real estate had increased tenfold since the initiation of CPEC.

According to him, the value of a 600 yard2 plot in the Singhar locality had risen from a mere PKR 600,000 to PKR 2,000,000, while prices of an acre of land in Passu, Pishukan and Surbandar had gone up to PKR 300,000, PKR 400,000 and between PKR 1,500,000 and PKR 2,500,000, respectively.

Similarly, prices of an acre of land in Ganz and Mouza Shabi had risen to PKR 350,000 and PKR 400,000, respectively.

The renewed business activity in Gwadar is making way for a multitude of economic opportunities and resulting in real estate becoming an increasingly valuable asset.

Naming various housing projects like New Town, Industrial Estate and Singhar Housing Scheme, Magsi told Zameen.com that possession of 400-, 600- and 1000-yard2 houses had already been handed over to buyers in some localities, while commercial buildings were being developed on plot sizes of 222, 444, 666 and 1000 yard2.

In anticipation of a heightened business activity in the near future, Magsi said long term prospects were bright in Mouza Karwat and Shabi where an acre of land had an average price of PKR 400,000. Magsi said real estate investment in Ganz could also prove a wise decision in the future.

Real estate market in Gwadar is looking up at a glimmering future. As development on CPEC continues unabated, the city hopes to become one of the most sought after realty market in all of Asia. Land here could soon be selling by the square foot, rather than acres it currently is.

Right from its development stages, Pakistan is set to benefit from the humungous pool of employment opportunities created by CPEC, while China looks to prosper from a broadened economic gateway.

So let the chants of Pak-China friendship zindabad echo through the Himalayas all the way to the Arabian Sea.

Namra Mansoor
Namra Mansoor

A social sciences graduate from LUMS with an interest in culture and socio-poilitical issues. You can contact her at its.namra01@gmail.com

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KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on February 03, 2023 (Friday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 272.25 273.25
Euro EUR 297.32 297.65
UK Pound Sterling GBP 333.31 333.61
U.A.E Dirham AED 73.03 73.33
Saudi Riyal SAR 71.49 71.80
Australian Dollar AUD 188.9 191.3
Bahrain Dinar BHD 712.73 720.73
Canadian Dollar CAD 200.95 203.15
China Yuan CNY 39.67 40.07
Danish Krone DKK 39.11 39.51
Hong Kong Dollar HKD 34.19 34.54
Indian Rupee INR 3.28 3.39
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 877.76 886.76
Malaysian Ringgit MYR 62.83 63.43
New Zealand Dollar NZD 173.25 175.25
Norwegians Krone NOK 26.76 27.09
Omani Riyal OMR 696.08 704.08
Qatari Riyal ‎QAR 73.62 74.32
Singapore Dollar SGD 204 206
Swedish Korona SEK 25.61 25.91
Swiss Franc CHF 291.69 294.19
Thai Bhat THB 8.15 8.3

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 212,900 on Friday. The price of 10 grams of 24k gold was recorded at Rs182,530.

Likewise, 10 grams of 22k gold were being traded for Rs167,318 while a single tola of 22-karat gold was being sold at Rs 195,157.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

City Gold Silver
Lahore PKR 212,900 PKR 2,420
Karachi PKR 212,900 PKR 2,420
Islamabad PKR 212,900 PKR 2,420
Peshawar PKR 212,900 PKR 2,420
Quetta PKR 212,900 PKR 2,420
Sialkot PKR 212,900 PKR 2,420
Attock PKR 212,900 PKR 2,420
Gujranwala PKR 212,900 PKR 2,420
Jehlum PKR 212,900 PKR 2,420
Multan PKR 212,900 PKR 2,420
Bahawalpur PKR 212,900 PKR 2,420
Gujrat PKR 212,900 PKR 2,420
Nawabshah PKR 212,900 PKR 2,420
Chakwal PKR 212,900 PKR 2,420
Hyderabad PKR 212,900 PKR 2,420
Nowshehra PKR 212,900 PKR 2,420
Sargodha PKR 212,900 PKR 2,420
Faisalabad PKR 212,900 PKR 2,420
Mirpur PKR 212,900 PKR 2,420

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