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Best practice would be to not mix dev and test environments with production. Have you looked into a ZFS storage appliance for these databases? Or ODAs?
My recommendation would be that you not do what you are planning to do. A little extra hardware will address the issue.
Alternatively, though it will be a larger implication budget-wise, would be to purchase a second Exadata to use as a Data Guard physical standby. Make your primary the failover for dev and test ... use the production standby as their primary.
Actually getting Exadata Expansion Rack is the requirement for Production Database only but since we are getting High Capacity Disks and we have enough disk space (66TB) so we thought to keep Exadata Development environment as well for development purpose only. We will not be setting data guard or making secondary database here.
As Oracle Exadata already provides IORM features to balance CPU and IO load on multiple databases, so why keeping development and production environment on same system is not recommended?
The first problem that comes to mind is that you have nowhere to test patches without affecting your production environment. It's not recommended to have cells within the same cluster running different versions of the storage server software. Also, you won't have anywhere to test clusterware upgrades or patches, since all of the databases share the same cluster. Also, your dev/test databases won't test for any RAC functionality since they'll only be single instance.
Andy said most of what I would have said but the point of Exadata (RAC) is high availability.
The point of Dev and Test is to identify things that cause breakage.
There is a very substantial disconnect between the two. If your testing never causes a failure ... then why bother to test? If developers never try new technologies why bother to develop? If every piece of hardware and software on the planet was bug-free none of us would have a job. Oracle is very very good ... but perfection is still over the horizon. I strongly advise you to not mix these loads. For very little money ... an ODA and a small ZFS will give you what you need to be safe. And if it leaves you with a little spare disk capacity on the Exadata ... don't worry ... it will be utilized sooner than you think.