The modern Indian investors and homebuyers are looking for tech savvy living spaces that offer quality of life, niche ambience and comfort at fingertips. This trend is manifested via the rise of integrated townships that offer smart homes that not only give a ‘feel good factor, but also auger well for the planet’s future. Equipped with topline technologies like sensors, voice activated features and a lot more, it is creating a win-win situation for both the real estate developers and homebuyers.
According to reports, the smart home market in India is projected to grow at a CAGR of 18.4 percent from 2020 to 2025. While another report states that Artificial Intelligence (AI) could add up to 1.4 percentage points annually to India’s real GDP growth. These are the findings of a joint study by the Indian Institute of Management Ahmedabad (IIM-A) and Boston Consulting Group (BCG). It further states, “AI is expected to add Rs. 1.5 to 2.5 trillion in incremental pre-tax profit over a five-year period for the top 500 Indian companies alone.”
Technology is slowly becoming an integral part of our daily lives and improving our quality of life. A major step in the evolution of modern living, smart homes have revolutionized the residential market. Some of the benefits of smart homes over traditional homes are:
Fantastic investment for the future
Besides reduced or low maintenance costs, smart homes provide value for money as sustainability and technology play a key role which helps homebuyers and investors to pick the ‘right’ smart home for themselves. In an era of rapid technological shifts and changes, smart homes are a good option for the future with the increase in automation and Internet of things (IoT).
Security at fingertips
Heading off to a vacation or simply commuting to the workplace or a work trip is a less stressful affair, thanks to round-the-clock presence of security cameras which can help homeowners monitor their homes through their mobiles, tablets and other devices at just the click of the button. It also helps them regulate temperature remotely and provide other conveniences for a more seamless and integrated quality of life.
Top end security measures
Installation of security cameras is only a single feature in additional security layers. One of the most preferred and widely popular security measure comprises of installation of biometrics and facial recognition technologies which are a deterrent to any adverse situation and can be a boon to ward off potential thefts and burglaries. Equipped with these elements, smart homes are definitely a better option than conventional homes which may just rely on camera presence.
Green footprint
Smart homes are a great way to reduce not just an individual’s carbon footprint but also scale down the carbon emissions in the real estate sector. Sensor lights or smart lighting coupled with automated climate control, installation and use of smart appliances and devices like geysers, solar panels, usage of sustainable materials with eco-friendly practices and designing are leading to 30 percent reduction in energy consumption.
Now, more and more consumers are looking at convenient features like voice activated commands to connect devices and a single point home automation, motion activated devices and the rise of touch-free technology. Thus, smart homes are definitely paving the way for a more planet friendly and convenient living.
Homebuyers today have adequate disposable income and a penchant for smart living. Each day, new home automation solutions are being launched in the market that may solve many problems and simplify daily routines. With the advent of 5G, the smart home industry in India looks even more promising.
(The author is COO – Wave City)
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CJ Singh is the COO of Wave City. With an MBA from the University Business School, Punjab, he has held significant positions in companies such as Berger Paints, Shalimar Paints and SABMiller in the past. He stands out for his expert marketing and managerial experience in the real estate domain.
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