Are Smart Homes the future of the real estate industry?

Smart Home industry growing globally by leaps and bounds over the years.

The real estate industry has undergone several metamorphic evolutions with rapid technological advancements. We are currently living in a generation where traditional homes are briskly getting transformed into smart homes, equipped with IoT technology. Such homes feature interconnected devices and offer ultimate comfort, convenience and security by enabling the users to remotely monitor and control every aspect of the house, ranging from lighting, temperature control, entertainment to security. “A smart home comprises various features and technologies that are interconnected by the Internet of Things (IoT). On the other hand, home automation is an enabler for a smart home. It is like having a manager for your interactive devices. The devices in such a home are ‘smart’, in the sense that they use microprocessors, sensors and software that run autonomously and are capable of performing multiple actions. In a smart home, all interconnected devices communicate with each other. It can communicate with you, irrespective of whether you are inside the house or outside”, says Aniruddh Bapat, Head-MEP,L&T Realty.

Current Scenario

The work culture in metropolitan cities like Mumbai, Bangalore and Delhi is drastically turning hectic and dynamic like never before. With a changing work-life, people are slowly altering their personal lives accordingly. Today, people have hardly any time for mundane housechores like switching off the lights and fans before leaving the house, turning on the home theatre system, pulling curtains every morning to allow the first morning-ray of the sun to touch your skin, switching on/off the washing machine, struggling with a huge mop to make the floor spotless and many more. Eyeing the current demand for smart homes among the new-age home buyers, numerous renowned real estate developers are investing in smart home automation to enhance their offerings and seize a perch in this competitive market. The prevailing automation trend is the main push factor for the integration of technology in the real estate domain. Artificial intelligence(AI), Augmented Reality(AR), Virtual Reality(VR), Voice assistants like Alexa, Google Assistant, Siri and Smart meters are promptly making their way to the homes of the working millennials. With cutting edge technology like IoT, curtains, windows, door locks, touch switches, video doorbells, air conditioners and even garages have become automated and remotely controllable with connected smartphones or other similar devices. Today, many home controllers come with builtin monitoring systems through which one can calculate and record the usage of all connected devices. . “Increased awareness for efficient energy usage, rise in electricity prices, water scarcity, increase in safety and security concerns and technological advancements leading to cost competitiveness bringing affordability are the key drivers of smart home market growth”, he adds. .

Aniruddh Bapat, Head-MEP, L&T Realty.

Real estate developers are inclining more towards building smart apartments/homes with an aim of making the lives of the buyers/dwellers easier, more comfortable and palatial. These apartments comprise features like programmable thermostats, leak detectors in the bathroom or kitchen faucets, automated curtains, smart door locks, video doorbells and integrated touch switches. All of these can be interconnected through a smart home hub and seamlessly operated and controlled via specific apps on a paired smartphone. Besides, the concept of smart buildings is also getting viral speedily. Redefining the trend and certain fundamentals, numerous giant builders are integrating smart buildings with components like energy and technology.

The way forward:

• Due to the integration of technology with the construction industry, an accurate and substantial amount of data will be available.

The data will enable the stakeholders to better understand the property and its surroundings. Also, with the help of technology, site selection, planning and execution can be done seamlessly. Smart buildings that offer the facility of tracking and managing energy, environment, security are expected to witness huge demand in the near future. Smart apartments/houses are beneficial even for those property owners who want to monetize them by renting out.

This is because houses with such attractive features will fetch an extra premium due to the sophistication it adds and the low operating/maintaining cost it incurs. • Though smart homes are opted by the millennials but are easily accessible by the notso-technologically-sound elderly members of the family. The only thing they have to do is give voice commands and the devices will obey the orders and function accordingly.

Therefore, the concept is anticipated to get accepted more widely in the coming years. • “To begin with, we just need to focus on smart energy and smart water usage in every home, every complex, every building to save wasteful uses as this will give us an edge in reducing global warming and support India’s cause for UNDP’s Sustainable Development

Goals” says Aniruddh. The world is briskly stepping towards a more environmentally friendly approach to every aspect of life. Smart Homes are extremely energy efficient and sustainable as they encompass automatic lighting setups with motion sensors that automatically switch off the lights, the moment you walk out of the room. This substantially saves electricity as your forgetfulness can no more be the reason your room lights are unnecessarily on.

Conclusion

“Smart homes have moved beyond a luxury to convenience. Leading Real estate developers are increasingly providing buyers value-added smart homes which are scalable and can make our lives far more convenient, while also allowing us to save our depleting natural resources. In the larger context, smart homes/automated homes are helping homeowners to fight some of the challenges of today, Not only can these homes provide a greater sense of safety, security and wellness but also contribute towards overall efficiency. The last benefit is especially significant, given that our planet is in dire need of technologies that can help us to reduce our carbon footprint and minimize wastage. So we can say beyond any doubt that smart homes are going to dominate the real estate in India in near future. This demand is also accelerated further due to the current pandemic scenario leading to Work from Home practices adopted by almost all the companies in areas of their operations wherever possible”, concludes Aniruddh.