Underwater communication is one of the important research areas which involves design and development of communication systems that can demonstrate high data rate and low Bit Error Rate (BER). In this work three different modulation schemes are compared for their performances in terms of BER and Peak to Average Power Ratio (PAPR). The realistic channel model called WATERMARK is used as a benchmark to evaluate channel performances. The mathematical model is developed in MATLAB and channel environments such as Norway Oslo fjord (NOF1), Norway Continental Shelf (NCS1), Brest Commercial Harbour (BCH1), Kauai (KAU1, KAU2) are considered for modelling different underwater channels. The data symbols are modulated using Dual Tree Complex Wavelet Transform (DTCWT) Orthogonal Frequency Division Multiplexing (OFDM) model to generate multi subcarriers and are demodulated at the receiver considering underwater channel environments. The BER results are evaluated for channel depth less than 10m and 10-50m. An improvement of 2x10-2 in terms of BER is observed when compared with Fast Fourier Transform (FFT) based OFDM model.