KARACHI: Gwadar Mega City Project is tilting because of poor management and corruption, resulting in bankruptcy of several investors. Several investors have decided to withdraw their investment from the mega project to utilise it somewhere else, The Nation has learnt.
According to a survey conducted by The Nation, several businesses particularly, the real estate industry has collapsed as the housing schemes could not be continued after their launching. The business community termed it the result of the poor policies of the government.
Many people across the country, who were very excited after getting plots in different schemes of Gwadar city, now wish to sell their plots at throw-away prices, but nobody is ready to buy them.
The investors belonging to Karachi and other parts of the country told The Nation that they have been facing several problems since they invested in Gwadar, as they faced several great problems due to poor system of the documentation and other legal formalities.
While the local businessmen in Gwadar accused both the provincial, federal governments and the Gwadar Development Authority (GDA) of indifference, saying that they were entirely responsible for the current crises in Gwadar was forcing investors to withdraw their investments.
“One plot or piece of land is being sold to several people through false documents, which are being prepared with the patronage of authorities concerned,” said locals.
The business community demanded that all the development works and the funds that were announced by the previous government must be utilised in proper way. Even the roads towards airport that links to the central city remained in poor condition. The business community concerned over decreasing value of the lands in Gwadar and crisis in the real estate business, as the lands were decreased around 70 percent. While taking to The Nation from Karachi, Naeem Khan who runs Real State Business in Gwadar said that the complicated formulates, poor management and poor system of the documentation process by the authorities concerned, caused hardships for the real state businessmen. Khan said that there are various investment opportunities in Gwadar, but unfortunately, the government does not wish to take any initiative for development. Several investors are not ready to come in Gwadar.
Whereas, those who invested had here, are facing several difficulties. And, finally they are withdrawing their investments from Gwadar.
He said that if the government is keen regarding success of Gwadar, so the present situation in Gwadar would be changed. He added that the city has several opportunities and charms for the investors, but they are not convinced due to the complicated proceedings of the documentation and corruption in the departments’ concerned.
Source: The Nation