The Emerging Trend of Smart Home Technology in Real Estate
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
With the evolution of technology, the real estate industry in India has undergone several transformative evolutions. Today, smart homes equipped with IoT technology, are rapidly gaining in popularity, owing to the incredible comfort, convenience, and security they offer. With nearly every aspect of such homes being interconnected and controllable by remote, including lighting, temperature control, and security, smart home automation is widely being recognised as a disruptive innovation that greatly enhances the lives of residents. Not only that, but smart homes have also been proven to offer several benefits for differently abled people, helping them live effortlessly comfortable lives, just like everyone else.
As a result, despite being in a relatively nascent stage at the moment, a plethora of well-established real estate organisations have invested in smart home automation, in order to enhance their offerings and gain a foothold in this competitive market. World-renowned technology companies like Google, Amazon, Philips, and more, have also invested heavily in this promising market, developing and launching several unique smart home solutions, such as Google Home, Amazon Echo, Philips Hue, and so on. Owing to this, smart home automation has consistently experienced a rise in demand, especially from millennial customers, and will soon become a prevailing trend, responsible for the integration of technology in the real estate domain.
In light of the almost infinite potential that IoT-enabled smart home technology offers, today, nearly every aspect of a house can be enhanced with cutting edge solutions, utilising the power of IoT, voice first technology, Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), and Smart Meters. For instance, curtains, windows, doors, and even garage entrances can be operated remotely, today, with just a press of a button, or by using a connected smartphone. Not only does this make maintenance of property significantly easier and more efficient, but it also helps increase the valuation of the property manifold, offering investors excellent returns.
Among the wide range of smart home solutions available in the market, the most commonly used ones are designed to improve:
Smart home security solutions combine a range of tools like closed-circuit cameras, sensors, alarms, and motion detectors, with voice recognition and face recognition software, to ensure you are constantly safeguarded against any threat, whether deliberate or accidental. With countless vendors available in the market, homeowners can even pick and choose the tools to match the décor and aesthetics of their walls, doors, carpets, and more.
Climate and Temperature Control
Drastic environmental decline and peaking pollution levels in several cities in the country have today made smart home solutions for temperature and atmosphere control, highly coveted, among real estate investors and potential homebuyers. By leveraging the power of IoT to combine lighting, air purification, and thermostat controls, several smart home technology solution providers, today offer energy-efficient integrated climate and temperature control solutions.
Smart Home Entertainment solutions are possibly the most popularly used gadgets today, in countless households. The launch of Smart TV, connected to one’s smartphone, laptop, tablet, and more, paved the way for several innovative entertainment devices used in modern homes. The high degree of personalisation, intuitiveness, and ease of use, offered by services like YouTube, Pandora and more, in association with most of these products, has truly revolutionised the benchmark of entertainment today.
Smart devices for automating home utilities have also made lives significantly easier today, making labour-intensive tasks like washing clothes and vessels and cooking easy and efficient. By simplifying their use, developers of smart home appliances have been able to add high functionality at every minute stage, such as by alerting house owners about expired food products and ice build-up in refrigerators, automated plant-watering devices, and more.
Needless to say, this incredibly powerful technology has redefined the very meaning of luxury and comfort in the real estate market, driving more and more buyers to opt for similar solutions, while investing in properties. Fuelled by the range of niche solutions and amenities being offered by real estate developers, and the ever-changing demands of consumers, this trend is expected to only grow further, and dominate the sector, for the years to come.