This manuscript proposes dynamical and rheological analysis of gas condensate reservoir characteristics and multiphase flow behavior of a well located at the lower Indus basin gas condensate reservoir in Sindh, Pakistan. The main objective is to analyze the compositional variation impacts on the liquid dropout, flow behavior and well productivity. For the sake of data analysis, constant composition expansion and constant volume depletion capabilities have been tested via pressure, volume and temperature cell under measurement of dew point and liquid dropout flow. By invoking CMG: Win prop simulator on the basis of equation of state namely Peng Robenson and Soave Redlish Kwong equations, phase diagram and well stream physical parameters have been analyzed. Our result suggested crucial significance for the behavior of flow and well productivity that liquid generation changes with the physical properties of flowing stream namely vapor viscosity, compressibility factor and vapor density due to pressure depletion showing decreasing trend. Mole percent of lighter components C1 mole percent increases from 54.567 to 62.153. While mole percent of heavier components C18+ decreases from 3.453 to 1.513 with 45% liquid dropout. In brevity, maximum well productivity has been observed in composition-1 which is 5.005 MMscf/day at pressure of 3131 psig.