DevX inks record coworking deal, takes 27-storey Ahmedabad office tower

DevX Secures India's Biggest Coworking Transaction in Ahmedabad

Dev Accelerator, known as DevX, has made headlines with a landmark agreement to take control of an entire 27-storey commercial office tower in Ahmedabad. This massive deal covers 8 lakh square feet and is valued at over Rs 850 crore in total rentals, making it the largest coworking transaction ever recorded in the country.

What stands out is the location—Ahmedabad, a Tier-II city, rather than the usual suspects like Mumbai, Bengaluru, or Delhi-NCR. The tower sits on the premium Ambli-Bopal Road micro-market, a bustling corridor blending high-end residential and commercial spaces. This move highlights how emerging cities are stepping up as viable alternatives amid saturated metro markets.

Under the deal, structured as a 15-year development management agreement, DevX will handle everything from planning and construction to leasing and day-to-day operations, partnering closely with the landowner. Rentals kick off at about Rs 4 crore per month, with a 5% yearly escalation, and DevX has put down a Rs 25 crore security deposit. The company faces a four-year lock-in, while the developer commits for the full term.

A Grade-A+ Green Building Set to Transform Ahmedabad's Office Landscape

The upcoming tower is no ordinary office space—it's designed as a Grade A+ green building, prioritizing sustainability and top-tier amenities tailored for global capability centres and big enterprises. DevX plans to pump in nearly Rs 100 crore over the next four years, aiming to create around 8,500 seats that will enrich Ahmedabad's office stock. Once ready in about three years, it's expected to pull in over Rs 120 crore in yearly revenue.

This project builds on DevX's strong foothold in the area. The company already runs successful spaces nearby, including a fully leased 3.5 lakh sq ft building in Ambli-Bopal and other hubs in Ahmedabad like a 1.80 lakh sq ft centre on Sindhu Bhavan Road with over 3,000 seats—Gujarat's biggest coworking spot. DevX, founded in 2017 by entrepreneurs including Rushit, Umesh Parth, and Dev Information Technology, now operates across multiple cities like Mumbai, Pune, Hyderabad, and more.

"This deal not only cements Ahmedabad's rise as a key office destination but also underscores our commitment to Tier-II growth, where demand from GCCs and enterprises is surging. We're excited to deliver a world-class, sustainable campus that will drive the city's economic momentum," said a DevX spokesperson.

Why This Deal Signals a Shift in India's Commercial Real Estate

The agreement reflects broader trends shaking up India's office market. With metros overcrowded, companies are eyeing Tier-II spots for cost savings, talent pools, and quality infrastructure. Ahmedabad's Ambli-Bopal area, with its connectivity and lifestyle appeal, is perfectly poised for this influx. DevX's model—focusing on managed, flexible spaces—aligns with hybrid work demands, offering everything from desks to custom offices.

DevX's expansion strategy shines through here. From accelerators to venture funding, the firm supports startups and corporates alike, boasting over 25 centres in 23 cities. Properties tied to DevX often see rent hikes and value boosts of up to 30%, thanks to high occupancy and pro management. This Ahmedabad tower could redefine how developers and operators collaborate, favouring revenue-share models over rigid leases.

For Ahmedabad, it's a game-changer. The city’s office ecosystem gets a major upgrade, attracting more GCCs and fostering economic growth. DevX's prior successes, like a 90,000 sq ft centre in Vadodara, show their knack for Tier-II wins. Overall, this positions Gujarat as a coworking powerhouse.

In summary, DevX's record-breaking takeover of the 27-storey Ahmedabad tower underscores the surging appeal of Tier-II markets, sustainable development, and innovative partnerships. Valued at Rs 850 crore, it promises 8,500 seats, Rs 120 crore annual revenue, and a greener office future, boosting the city's profile on India's commercial map.