As multinational corporations increasingly diversify beyond traditional metro markets, Ahmedabad and GIFT City are emerging as one of the country’s most promising destinations for the next wave of enterprise expansion.

According to ‘Ahmedabad: New Phase of Urban & GCC Growth’, a joint report released by Dev Accelerator Limited (DevX), in partnership with real estate services firm Anarock, the Ahmedabad-GIFT City corridor is expected to attract 40-50 new Global Capability Centres (GCCs) over the coming years, generating demand for 4-6 million sq. ft. of Grade A office space and creating over 50,000 high-skilled jobs, reinforcing its emergence as one of India’s fastest-growing commercial and technology ecosystems.

The report highlights a structural shift in in enterprise location strategies. While Bengaluru, Hyderabad and NCR continue to remain the country’s largest GCC hubs, occupiers are increasingly adopting hub-and-spoke models beyond these saturated Tier I cities. India currently hosts more than 1,700 GCCs employing nearly 1.9 million professionals, with the sector projected to exceed 2,400 GCCs by 2030, creating an unprecedented opportunity for emerging business destinations. Ahmedabad, supported by the rise of GIFT City as India’s first operational International Financial Services Centre (IFSC), is well-positioned to capture a significant share of this next phase of growth.

Ahmedabad today hosts nearly 26 million sq. ft. of Grade A office stock, while GIFT City contributes an additional 4.1 million sq. ft., supported by globally benchmarked infrastructure, favourable regulatory policies and growing demand from multinational financial institutions, technology companies and consulting firms. Cost arbitrage remains a major growth driver, with non-CBD average office rentals in Ahmedabad standing at INR 50 per square foot per month. The net effective occupancy cost for the Ahmedabad-GIFT City belt is INR 147 per square foot per month, making it the most cost-efficient choice among major Indian office markets.

Commenting on the report, Umesh Uttamchandani, Managing Director, Dev Accelerator Limited, said, “India’s GCC story is evolving beyond the traditional metros. Today, global enterprises are making location decisions based not only on cost, but on access to skilled talent, operational resilience and the ability to scale over the long term. This structural shift is creating opportunities for cities that can offer a balanced ecosystem rather than just lower operating costs. Ahmedabad has quietly built that foundation. With a strong talent pipeline, world-class educational institutions, improving infrastructure and the emergence of GIFT City as a global financial hub, the region is increasingly becoming a strategic destination for knowledge-led businesses.”

He further added. “At DevX, we’ve witnessed this transition firsthand. Organisations that initially entered Ahmedabad with small teams are now expanding their presence with greater confidence. We believe the city is no longer an emerging alternative, but one of India’s most credible destinations for the next wave of GCC-led growth and enterprise investment.””

Adding perspective to the market dynamics, Anuj Puri, Chairman, Anarock Group, stated, “India’s office market continues to demonstrate remarkable resilience, supported by sustained occupier demand and the rapid expansion of Global Capability Centres. However, what is equally significant is the changing geography of this growth. As enterprises look beyond traditional Tier I markets, cities that combine talent availability, infrastructure readiness, business-friendly policies and cost competitiveness are emerging as the next engines of commercial real estate growth. Ahmedabad and GIFT City stand out as one of the country’s strongest emerging enterprise corridors. While affordability remains an important differentiator, the region’s true strength lies in its ability to offer workforce stability, institutional depth and an ecosystem that enables companies to scale with confidence.”.”