Smart Homes: The Latest Trend in Real Estate Technology

Smartphones and internet-based technology have been on the rise over the past decade or so. However, the onset of the COVID-19 pandemic added several new dimensions to digital technology. We now work, attend classes, bank, shop, socialise, and even consult doctors online. Our phones and computers are smart – they recognise our faces, voices, movements, and search trends. So, why not our homes? The dream of owning smart homes and residences that recognise our personal preferences and sense our movements and needs has long captured our imaginations. They are no longer a dream. Smart homes are the latest trend in real estate technology – one that is here to stay.

What are smart homes?

Imagine leaving home after a long day at work. A tap on your smartphone gets the hotpot at home going, slow cooking your favourite meal, which will be ready by the time you get back. Now as you pause at the door, facial recognition technology-enabled security systems unlock the door without having to reach for a key. You walk into the living area, and your favourite music turns on, the mood lighting for a relaxing evening, and the coffee maker starts brewing. Your bedroom air conditioning senses the outside weather and sets the temperature to a comfortable reading. The air purifier modulates itself according to the day’s Air Quality Index, and all the appliances turn themselves off as you go out for a walk. Isn’t that the dream? Not anymore. That’s just the Internet of Things (IoT) – the technology that is all set to revolutionise real estate development.

The demand for smart homes

The demand for smart home technology is fuelled by the digital revolution and the steamrolling effect of innovations that have now become the norm rather than the exception. According to current estimates, there are nearly 13 million smart homes in India, and by the year 2025, there is likely to be a 12.8% increase in smart home solutions in the country. Much of this is likely to be concentrated in and around the major metro cities of the country, such as Delhi, Mumbai, Bangalore, and Chennai. These cities also have the highest concentration of tech companies and startups working on smart living technology. As 5G penetration grows deeper, the demand for smart homes will also greatly boost. Top developers and builders in major cities are already adapting to this trend.

Home automation for the win

Smart home technology, often referred to as home automation or domotics, is much more than just a number of gadgets working to smooth out your daily chores. The benefits that they bring homeowners and families are priceless. Here are a few examples -

• Smart security systems can not only keep away unwanted intruders and help you use digital keys to secure your home from a distance, but they can also leverage motion sensors to monitor pet movement, help children and the elderly, and login all access to your home.
• Homes powered by smart technology can sense power surges and turn off devices. They can sense temperature changes in the room and alert you before a fire outbreak. They can sense open windows or garage doors and send you a notification if you are ready to leave home.
• Smart feeders can help feed pets, and monitors allow interaction with them when you are away for long hours.
• The applications of smart home technology are boundless, and as more appliances and applications hit the market, your home experience will only get better.

Smart homes and the environment

Smart home technology is not only for the tech-savvy urbanite. It is the perfect solution for the real estate industry that is looking to transition to sustainable, green practices. Smart homes are built to conserve energy through motion sensors, optimal use of natural resources, and optimisation of technology like rainwater harvesting, waste management, solar energy units, and composting. Smart homes work best when they leverage green spaces and waterfronts and make technology to reduce energy consumption and reduce the carbon footprint of your home to provide you with better health and a better lifestyle.

Why should you invest in smart homes?

Smart homes are indeed the future. If you are a real estate investor looking to earn rental income or looking at asset appreciation, smart homes are the thing for you. The younger generation of homebuyers is looking towards technology to make life convenient, hassle-free, and comfortable, with a dash of glamour. Smart homes offer them this opportunity and more. If you are a homebuyer looking to set up your own nest and build a beautiful life for your family, the convenience, savings, and value of smart homes are certainly worth your investment.