Mumbai: Dev Accelerator Limited (NSE: DEVX; BSE: 544513), operating under the DevX brand, has signed what it describes as India’s largest single development management transaction in the managed office segment, covering 8 lakh square feet of commercial space in Ahmedabad. The agreement carries a total rental value of more than ₹850 crore and is projected to generate approximately ₹120 crore in annual revenue upon completion.
The project involves a 27-storey commercial office tower in the Ambli-Bopal micro-market, a location that has seen rising demand from global capability centres (GCCs), technology firms and enterprise occupiers. The campus is being developed as a Grade A+ green building and is expected to add around 8,500 seats to the city’s commercial inventory over the next two-and-a-half to three years.
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According to the company, the transaction has been structured under its development management (DM) model, under which DevX partners with non-institutional landowners to plan, develop, lease and operate commercial assets. Unlike a conventional long-term lease, the development management structure allows the landowner to retain ownership while the managed office operator oversees execution and operations. The agreement is for a 15-year term, with DevX having a four-year lock-in period.
DevX said it plans to invest around ₹100 crore over the next four years toward the project’s development and fit-outs. The company will manage the complete lifecycle of the asset, including planning, development coordination, leasing strategy and day-to-day operations, once the tower becomes operational.
Commenting on the development, Umesh Uttamchandani, Managing Director of Dev Accelerator Limited, said the transaction reflects increasing enterprise interest in Tier II commercial real estate markets. He added that Ahmedabad is witnessing growing traction from GCCs and corporates looking beyond saturated metro markets for scalable, cost-efficient office space.
The new tower builds on DevX’s existing presence in the Ambli-Bopal area, where it previously delivered a 3.15 lakh sq ft managed office campus. That facility, which houses companies such as Manubhai & Shah, Openxcell, Tatvic Digital Analytics, Walter P Moore and Suzlon, is currently operating at around 95 per cent occupancy, according to the company.
Industry observers note that Ahmedabad has been gaining attention as an emerging commercial real estate hub due to infrastructure upgrades, competitive rentals and a growing base of technology and services firms. The latest development management deal is expected to further consolidate the micro-market’s position within Gujarat’s office space ecosystem.
The project is currently under construction and is scheduled for completion within the next three years, subject to regulatory approvals and construction timelines. Once operational, the 8 lakh sq ft campus is expected to rank among the largest managed office developments in the region.
