Hi, I am working on ARM virtualization extensions. Is there a development board with ARMv7-A processor (virtualization extensions). Or I have to use OVP?

Yes, there are. e.g. check the Arndale exynos 5250 board featuring a dual core cortex A15 and there are also another board from TI.

Regards,

There are several Cortex-A15 based platforms now available on the market. ARM provides the Versatile Express system.