DevX Signs India’s Single Largest ‘Development Management’ Deal of 8 Lakh Sq. Ft. in Ahmedabad

Dev Accelerator Limited has announced the signing of a landmark 27-storey commercial office tower spread over 8 lakh sq ft in Ahmedabad in a deal valued at over Rs 850 crore of total rentals, executed under the company’s innovative Development Management (DM) model. This stands as India's single largest managed office transaction of its kind. The deal reinforces the company's dominance in Tier II markets and is projected to generate an annual revenue of INR 120 Crores upon completion.

Strategically located in the high-demand Ambli-Bopal micro-market, the new campus will be developed into a Grade A+ Green building to cater to the surging requirements of GCCs. With an investment of INR 100 Crores slated over the next four years, this massive expansion will add 8,500 seats to the city's commercial ecosystem, capitalizing on the infrastructure boom driven by Ahmedabad's future growth prospects and the upcoming Commonwealth Games.

Unlike traditional lease models, this project is structured under the Development Management model, where DevX partners with non-institutional landowners to unlock the value of their prime real estate. DevX will manage the entire lifecycle—from planning and development to leasing and operations—delivering institutional-grade assets that meet global standards. The project is currently under construction and is expected to be ready in about 2.5 to 3 years.

Speaking on this 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 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.”

DevX will manage the complete lifecycle of the asset, from planning and development to leasing and operations, in partnership with the landowner, under the arrangement. The agreement will be for 15 years, while the developer is locked in for the entire term, with DevX having a four-year lock-in period.

This record-breaking deal builds upon DevX’s proven dominance in the Ambli-Bopal micro-market, where the company recently delivered a successful 3.15 lakh sq. ft. managed office campus. That facility, which added 3,200 seats and currently books a revenue of INR 36 Crores, has already achieved 95% occupancy. It houses marquee clients such as Manubhai & Shah, Openxcell, Tatvic Digital Analytics, Walter P Moore, and Suzlon, validating the region's appetite for premium, managed workspaces.