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The Ahmedabad skyline is about to undergo a seismic shift in how we think about work. DevX has signed India’s largest-ever ‘Development Management’ (DM) deal, causing ripples throughout the country’s commercial real estate sector. We’re not talking about just a few floors or a typical office block. This is a 27-story commercial tower with a staggering 8 lakh square feet.
This deal is truly jaw-dropping not only because of its size, but also because it takes place in Ahmedabad. For years, the narrative of Indian business growth was limited to the “big five” metropolises. By selecting the Ambli-Bopal Road corridor for this Grade A+ masterpiece, DevX demonstrates that the center of gravity for India’s corporate world is rapidly shifting to high-growth Tier II hubs.
Table of Contents
A New Era of Development Management
So, what exactly is the ‘Development Management’ model that everyone is talking about? Unlike traditional leases, in which an operator simply rents a finished building, DevX will serve as the master strategist. Under this DM agreement, DevX will manage the asset’s entire lifecycle. They are working with the landowner to manage everything from initial planning and construction to final leasing and day-to-day operations.
For the landowner, this is game-changing. They retain full ownership of their property while benefiting from DevX’s professional expertise and global tenant network. It is a collaborative approach that converts a plot of land into a world-class institutional asset, often with significantly higher returns than traditional rental models.
Why Global Giants are Eyeing Ahmedabad
The timing of this transaction is no accident. As global corporations and Global Capability Centers (GCCs) seek alternatives to the overcrowded and exorbitant office markets of Bengaluru and Mumbai, Ahmedabad stands tall. With its strong infrastructure, the rise of GIFT City, and a growing pool of skilled talent, the city is more than just an industrial powerhouse; it is also a tech and services magnet.
This new 27-story tower is specifically designed to accommodate these high-end tenants. It is not just an office; it is being constructed as a Grade A+ green building. DevX intends to invest nearly 100 crore over the next few years to ensure that the facility meets the stringent environmental and technological standards that Fortune 500 companies require.
Scaling Up the Ecosystem
The scope of this project is difficult to overstate. The campus, which is expected to be completed within the next two to three years, will add approximately 8,500 seats to the city’s office ecosystem. This is not DevX’s first rodeo in the area. They have already achieved tremendous success with their nearby 3.5 lakh sq. ft. project, which has a 95% occupancy rate.
This new venture is essentially the same success story, but on steroids. With rentals starting at around 4 crore per month, the project is expected to generate more than 120 crore in annual revenue once completed. It’s a clear indication that the demand for “managed” spaces—where a company can simply move in and begin working without worrying about plumbing or Wi-Fi—is at an all-time high.
Bridging the Gap for Landowners
The “Landowner-First” philosophy is at the heart of this 15-year agreement. DevX positions itself as a link between non-institutional landowners and the sophisticated requirements of global occupiers. They are fostering a transparent environment in Indian real estate by providing real-time digital visibility into the development process and employing a success-based fee structure.
This transaction also demonstrates the growing maturity of the flexible space sector. We’ve moved past the days when “coworking” meant just freelancers in beanbag chairs. Today, the focus is on enterprise-grade, fully managed campuses that provide predictability, scalability, and premium amenities.
The Future of the Ahmedabad Skyline
As construction begins, the tower will be more than just glass and steel. It represents the “New India” business strategy, which emphasises efficiency, professional management, and geographic diversity. This 8 lakh sq. ft. deal solidifies DevX’s position as a leader in the managed office revolution.
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