Following the blasts, the rescue team has quickly arrived at the scene and police and rangers have cordoned off the area.
Emergency has been declared at all major hospitals in Karachi.
Police have found two heads of the suicide bombers on the blast site during the search operation, said Dr Zulfikar Mirza, Home Minister of Sindh province, of which Karachi is the capital. The provincial home minister has ordered temporary closure of all shrines in the city after the twin suicide blasts over security concerns.
Identities of the two suicide bombers are yet to be determined. There are reports saying that the suicide bombers are aged between 14 and 17.
Shortly after the blasts were reported, both the Pakistani president and prime minister have strongly condemned the terrorist attack.
President Asif Ali Zardari said in a statement that such attacks can not deter the government from anti-terror campaign.
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