A glacier lake burst in Tali Das village of District Ghizer, turning the settlement into rubble, the 24NewsHD TV channel reported on Sunday.
According to the report, the devastating outburst has destroyed a population comprising more than one hundred households.
Meanwhile, the flood triggered by the glacier burst has also created an artificial lake on the River Ghizer, which has severely affected over 906 houses in its path.
Emergency teams have been alerted to monitor the situation and assist the displaced families.
Local authorities have expressed grave concerns over the growing threat to surrounding villages.
The authorities have also warned that more damage could occur if the artificial lake overflows or breaches its banks.
Earlier, on August 23, one-kilometre stretch of a road was washed away, while an area spreading over seven kilometres turned into a lake after a glacier burst in the Ghizar district of Gilgit-Baltistan, cutting off road links between several villages.
Shindoor Road in the district Ghizar was closed for traffic following a landslide in the area.
However, 200 people stranded in Raoshan village were rescued.
Soon after the glacier burst, the personnel of the Pakistan Army swung into action and shifted the people living in low-lying areas on the banks of the Gilgit River to safe locations.
Reporter: Mehtab ur Rehman