Ahmedabad: Dev Accelerator Limited (NSE: DEVX; BSE: 544513), an enterprise-focused managed office space provider, has announced the signing of a landmark commercial office project under its Development Management Deal model, involving a 27-storey tower spread across 8 lakh sq. ft. in Ahmedabad.
The transaction, valued at over ₹850 crore in total rentals, is being described as India’s single largest managed office transaction of its kind.
The project is expected to generate annual revenue of ₹120 crore upon completion, strengthening DevX’s expansion strategy in high-growth Tier II markets.
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DevX Development Management Deal to Add 8,500 Seats in Ahmedabad
Strategically located in the Ambli-Bopal micro-market, the new campus will be developed as a Grade A+ green building designed to meet growing demand from Global Capability Centres (GCCs).
With a planned investment of ₹100 crore over the next four years, the development will add approximately 8,500 seats to Ahmedabad’s commercial office ecosystem.
The expansion aligns with infrastructure growth in the city and long-term economic opportunities linked to large international events such as the Commonwealth Games.
Unlike traditional leasing models, the project is structured under DevX’s Development Management Deal, where the company partners with non-institutional landowners to unlock the value of prime real estate assets.
DevX will manage the entire lifecycle of the project – from planning and development to leasing and operations – delivering institutional-grade commercial assets.
The project is currently under construction and is expected to be completed within 2.5 to 3 years.
Speaking on the milestone, Umesh Uttamchandani, Managing Director, Dev Accelerator Limited, said: “This milestone reflects the shifting centre of gravity in India’s commercial real estate landscape towards high-growth Tier II cities. Through our development management deal model, we are enabling non-institutional landowners to create world-class, Grade A+ assets that global occupiers increasingly seek.
As Ahmedabad prepares for large-scale global events and GCCs explore alternatives to saturated metro markets, this campus is positioned to play a defining role in the city’s economic trajectory.”
Under the agreement, DevX will manage the complete lifecycle of the asset in partnership with the landowner. The agreement tenure is 15 years, with the developer locked in for the full term, while DevX will have a four-year lock-in period.
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Development Management Deal: DevX Strengthens Ambli-Bopal Presence
This new project builds on DevX’s presence in the Ambli-Bopal micro-market, where the company recently delivered a 3.15 lakh sq. ft. managed office campus. The facility added 3,200 seats and currently generates ₹36 crore in revenue, achieving 95% occupancy.
The campus hosts clients including Manubhai & Shah, Openxcell, Tatvic Digital Analytics, Walter P Moore, and Suzlon, demonstrating strong demand for premium managed workspaces in Ahmedabad.
By consolidating large-scale commercial inventory in a single prime location, DevX aims to create a self-sustaining business ecosystem comparable to established Tier I metro hubs.
The expansion reflects the company’s strategy of using the development management deal model to transform fragmented land parcels into institutional-grade commercial assets.
