Flexible workspace and development management platform Dev Accelerator Limited (DevX) has signed what it describes as India’s largest Development Management (DM) office transaction, securing a 27-storey commercial tower spanning 8 lakh sq ft in Ahmedabad’s Ambli-Bopal micro-market.
The project, with an estimated rental value exceeding Rs 850 crore over the lease tenure, is structured under DevX’s proprietary DM model. Upon completion, the campus is projected to generate annual revenues of around Rs 120 crore and accommodate nearly 8,500 seats, positioning it as one of the largest Grade A+ managed office assets in the city. Ahmedabad has been steadily emerging as a preferred destination for Global Capability Centres (GCCs) seeking cost arbitrage, talent availability and improving infrastructure outside traditional metro markets. DevX’s move signals growing institutional confidence in Tier II commercial real estate, particularly as Bengaluru, Hyderabad and Gurugram witness supply pressures and elevated occupancy costs. The Ambli-Bopal belt has gained traction due to improved arterial connectivity and clustering of corporate occupiers. By consolidating 8 lakh sq ft in a single tower, DevX is effectively creating a scale-driven commercial ecosystem aimed at multinational back offices and domestic enterprises expanding their footprint.
Unlike conventional leasing or outright acquisition structures, the DM model allows DevX to partner with non-institutional landowners, managing planning, design, execution, leasing and operations without directly owning the land. The 15-year agreement under which DevX is contractually locked in for the first four years offers revenue visibility while limiting capital exposure compared to asset-heavy models. The company has indicated an investment of Rs 100 crore over four years for fit-outs, operational setup and value enhancement. The tower is expected to be delivered within 2.5 to 3 years. DevX’s confidence stems partly from its recent 3.15 lakh sq ft managed office campus in the same micro-market, which reportedly achieved 95% occupancy and generated Rs 36 crore in revenue. That facility houses enterprises including Manubhai & Shah, Openxcell, Tatvic Digital Analytics, Walter P Moore, and Suzlon. By scaling up inventory within a defined geography, DevX is pursuing a clustering strategy aimed at operational efficiency, brand positioning, and tenant stickiness. The deal underlines a structural shift in India’s commercial real estate narrative: Tier II cities are no longer peripheral markets but emerging growth nodes. With Ahmedabad preparing for major global events and infrastructure upgrades, including metro expansion and improved road networks, institutional-grade office supply is likely to accelerate. However, success will hinge on sustained GCC demand, macroeconomic stability, and timely project execution.
Large single-asset bets carry leasing concentration risks, particularly in markets still building multinational depth. If absorption keeps pace, the Ambli-Bopal tower could serve as a blueprint for DM-led commercial expansion in secondary cities offering a capital-efficient pathway for scaling premium office ecosystems beyond saturated metros.
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DevX Signs Rs 850 Crore Development Management Office Deal in Ahmedabad