Thanks for the responses guys, really appreciate it.
Well, Karachi is a city of 20 million people. Most of the criminal gangs operate under the umbrella of various political parties. At this time, Pakistan and some of its cities e.g. Karachi and Quetta are going through the worst time ever. Terrorism, economic issues, criminal activities, target killings and highly intolerable political environment and rivalries.
I live in a well off area of Karachi. I consider myself better than most but I am definitely not a high profile person. I also keep a low profile. I have lived all my life here (31 y/o now). I find it a great place to live in but I have seen the bad things too. There are many areas I would not even think to go to. I have been in 2 SD and 2 HD Scenarios. In one I had to comply and just lost a mobile phone and wallet. In 1 HD Scenario (which happened in other house where I used to live some 10 years ago or so.) I managed to make three robbers flee with the help of my car's anti burglary alarm. In the rest of the 2 I had to use firearms. I don't know if thats too much for a lifetime but living here, I guess I might have to face such things again (God Forbid).
My current house is on a main road. Every type of Tom, Dick and Harry use this road. I strongly believe I was not a target or that it was not a pre-plan attempt. It was just a random selection based on my blunder to keep the main gate open for a little more than it should be. The group of thugs must have been passing by and saw an opportunity.
Full Auto weapons and Semi Auto rifles(except .22 cal) come under the category of PB (Prohibited Bore). Government issues a very restricted quota and its really hard to get their permits without some contacts and a heavy pocket but definitely not impossible. A decent AK-47 is definitely on my wishlist but right now I don't have above means to get it. Vests are a good option although they are restricted items as well and hence can't really count on it.