DevX has taken over a 27-storey, 8 lakh sq ft commercial tower in Ahmedabad under a 15-year development management agreement valued at ₹850 crore in rentals. The Grade A+ campus will target GCCs and enterprises, adding 8,500 seats and reinforcing the growing role of Tier-II cities in India’s office market.
Enterprise-focused managed office operator Dev Accelerator (DevX) has secured an entire 27-storey commercial tower spanning 8 lakh sq ft in Ahmedabad, marking the largest coworking transaction in India to date. The deal, valued at over ₹850 crore in total rentals, stands out not just for its scale but also for its location—outside traditional office powerhouses like Mumbai, Bengaluru, Hyderabad, Delhi-NCR, and Pune.
The project is being executed under a long-term Development Management (DM) agreement rather than a conventional lease structure. Currently under construction, the campus is expected to be ready within 2.5 to three years.
Development Management Model Gains Ground
Unlike traditional leasing, the DM model allows DevX to manage the full lifecycle of the asset—from planning and development to leasing and operations—in partnership with the landowner. The agreement spans 15 years, with DevX committing to a four-year lock-in period, while the developer remains locked in for the entire term.
Rentals are set to begin at approximately ₹4 crore per month, with a 5% annual escalation clause. DevX has also committed a security deposit of around ₹25 crore. Over the next four years, the company plans to invest nearly ₹100 crore into the project.
“This 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,” said Umesh Uttamchandani, MD, Dev Accelerator.
Targeting GCCs and Enterprise Occupiers
Located on Ambli-Bopal Road, a premium residential and commercial corridor in Ahmedabad, the campus will be developed as a Grade A+ green building. It will primarily cater to Global Capability Centres (GCCs) and enterprise clients seeking scalable, fully managed office environments.
According to Uttamchandani, as Ahmedabad prepares for large-scale global events and as GCCs evaluate alternatives to saturated metro markets, this campus is positioned to play a defining role in the city’s economic growth. Upon completion, the facility is projected to generate over ₹120 crore in annual revenue and add around 8,500 seats to the city’s office ecosystem.
Expanding Tier-II Strategy
The deal reinforces DevX’s expansion strategy in high-growth Tier-II markets. The operator already has a strong presence in the same micro-market, having delivered a 3.5 lakh sq ft managed office building in Ambli-Bopal with 3,200 seats. That facility has achieved 95% occupancy and generates ₹32 crore in annual revenue from consulting, engineering, and technology firms.
Currently, DevX operates 28 centres across India, managing over 1.21 million sq ft and more than 17,200 seats.
A Maturing Flexible Workspace Sector
Industry observers note that such large-scale development management structures are gaining traction as enterprises seek predictable operating standards and turnkey solutions. Operators are no longer limiting themselves to individual floors. Instead, they are controlling entire buildings and campus-style developments to meet enterprise-grade demand.
This transaction signals a broader shift in India’s flexible workspace sector—one where Tier-II cities are emerging as serious contenders and operators are stepping into institutional-scale real estate partnerships.
