Dev Accelerator Limited (DevX) has announced a landmark enterprise agreement with Manubhai and Shah LLP worth ₹110 crore, marking one of the largest enterprise-led flexible workspace transactions in a Tier-II city. The 9-year contract spans approximately 1,00,000 sq. ft. and establishes strong long-term revenue visibility for the company while reinforcing growing institutional adoption of managed office solutions.

Deal Structure and Campus Details

The comprehensive enterprise agreement encompasses significant operational parameters that position DevX strategically in the managed workspace sector:

Manubhai and Shah LLP will relocate its Ahmedabad headquarters to DevX's premium managed campus at Capital One, with the facility designed as an integrated workplace ecosystem offering comprehensive amenities including managed cafeteria, coffee lounge, breakout zones, wellness facilities, gym, crèche, and collaborative event spaces.

Diverse Enterprise Tenant Portfolio

The Capital One campus has attracted a robust mix of enterprise occupiers across multiple sectors, demonstrating the increasing demand for integrated, enterprise-grade workspaces:

Strategic Market Positioning

Commenting on the development, Umesh Uttamchandani, Managing Director of Dev Accelerator Limited, emphasized the transaction's significance: "This is a defining transaction not just in scale, but in what it represents for the future of commercial real estate. A commitment of this size and tenure reflects increasing enterprise confidence in managed workspace platforms as long-term infrastructure partners."

The partnership builds on a five-year relationship between DevX and Manubhai & Shah LLP across multiple cities, with the law firm's decision to establish their new headquarters at the facility reflecting confidence in DevX's managed workspace offerings. As businesses expand beyond traditional metros, cities like Ahmedabad are becoming strategic growth centers for enterprise operations.

Company Operations and Market Presence

Dev Accelerator Limited operates as an enterprise-focused, full-solution managed workspace platform, providing end-to-end services covering site selection, bespoke fit-outs, technology integration, and facility management under a single service level agreement. The company maintains one of India's largest Tier-II footprints by operational flexible workspace stock, operating 28 centers across multiple Indian cities with over 14,000 seats and 8.6 lakh sq. ft. under management.

Dev Accelerator Limited has announced a significant expansion in Ahmedabad's commercial real estate market through its March 2026 monthly newsletter filed under Regulation 30. The company has secured a major commercial tower deal while achieving recognition as one of India's fastest-growing companies.

Major Commercial Tower Acquisition

DevX has signed a long-term agreement to operate an entire 27-storey commercial office tower in Ahmedabad's Ambli-Bopal micro market. The project represents a substantial commitment to the region's growing commercial infrastructure needs.

The transaction reflects continued enterprise demand for professionally managed workspace infrastructure in India's growing commercial hubs. This large-scale commitment demonstrates the company's strategy to expand responsibly in markets where enterprise demand is strongest.

Growth Recognition and Performance

DevX has achieved significant recognition for its growth trajectory, being ranked 8th among India's Fastest-Growing Companies 2026. The company's performance metrics highlight sustained expansion and disciplined execution across markets.

This recognition reinforces the long-term opportunity in professionally managed workspace infrastructure as India continues to strengthen its position as a destination for global operations.

Upcoming Development Projects

DevX continues to expand its enterprise infrastructure platform with several projects currently progressing across Ahmedabad. The company is developing multiple commercial spaces to support the next phase of enterprise expansion.

Capital One - Ahmedabad: Positioned to be India's largest managed office campus in a Tier-II city, this development spans 3.15 lakh sq ft and has already seen strong pre-leasing demand from enterprise clients.

GMDC Commercial Development - Ahmedabad: A large-scale commercial development spanning 4,92,000 sq ft, designed to support enterprise expansion in one of Ahmedabad's key business corridors.

Million Minds Tech City - Ahmedabad: DevX is developing an 84,000 sq ft managed workspace within Million Minds Tech City, a large commercial tech hub in North Ahmedabad designed for technology, consulting, and enterprise occupiers.

Market Context and Industry Outlook

The company's expansion comes amid India's strengthening position as a hub for Global Capability Centres, with over 1,600 centres employing more than 1.6 million professionals. Companies across technology, consulting, financial services, and healthcare are expanding operations to support engineering, analytics, finance, and strategic functions.

As global firms deepen their presence in India, demand for scalable workspace infrastructure continues to grow across major business corridors. The broader technology cycle, including investment in AI infrastructure, cloud platforms, and enterprise technology, is expected to support sustained demand for commercial workspace infrastructure in India.