Smart homes have taken the real estate industry by storm, emerging as a critical element influencing property values and buyer preferences. Driven primarily by demand from tech-savvy Gen Z and millennial homebuyers, what was once a luxury has now become a strategic investment, significantly increasing the appeal and value of the home market.
In India, the smart home revolution has transformed traditional living spaces with cutting-edge technology, promising greater comfort and efficiency. The dream of a futuristic home is becoming a reality as automated lights, sophisticated security systems, and smart devices become more common. With the rapid adoption of smart technologies, it is important to evaluate their impact, address potential challenges, and consider future trajectories.
According to a recent industry report, smart home devices in India have seen significant growth, reaching 8-10% by 2023. The report estimates the smart home market to be around ₹90,000 crore by 2023, with expectations to grow to ₹ 1, 40,000 crore by 2028. In particular, security devices are anticipated to grow rapidly, with a market share of 14% over the next four years.
The latest in tech
Some cutting-edge smart home technologies are poised to redefine home automation. These innovations not only improve the functionality of the house but also play an important role in increasing the value of the property. Property developers will go the extra mile to bring A-grade home automation technology to home buyers.
From thermostats to voice assistants
Smart thermostats adjust heating and cooling based on user preferences and behavior. Furthermore, it can be controlled remotely via a smartphone app. Its energy-saving capabilities can significantly reduce utility bills, making it an important feature for buyers. In response to market demand, electronic brands bring the latest devices and models.
Smart lighting devices help you manage light intensity, color, and schedule from your smartphone or through voice commands. They can create personalized light scenes, improve home security by simulating occupancy, and reduce energy consumption. The combination of aesthetic appeal and practical benefits makes smart lighting very appealing to tech-savvy buyers.
For many buyers, home security is a top priority. Intelligent security systems offer advanced solutions to meet these needs. Devices such as video doorbells, security cameras, and smart locks provide real-time monitoring, remote access, and instant alerts. Integration with a smart home hub ensures seamless control and monitoring, increasing the appeal of the property.
Modern smart appliances, including refrigerators, ovens, and washing machines, provide unparalleled convenience and efficiency. These appliances can be controlled remotely, provide maintenance alerts, and even suggest recipes based on available ingredients. These advanced features not only enhance the functionality of the home, but also impress buyers looking for a modern, connected living space.
Voice technology has become central to the smart home experience. Voice-enabled devices manage other smart home devices, provide information, and automate routines. Smart hubs, which integrate multiple smart home devices into a single control system, improve the user experience by providing centralized control and automation capabilities. Together, these technologies are changing the landscape of home automation, providing convenience and increasing property value.
Tips for maintaining
Maintaining a smart home for optimal results involves several key practices. The most effective step is to regularly update passwords on all devices and applications that control the smart home, ensuring strong security with options like multi-factor authentication. In addition, the software on the device must be updated regularly for smooth operation. Incorporating maintenance features during initial installation, such as power conditioners and uninterruptible power supplies (UPS), which protect against power surges and ensure uninterrupted operation, is key. Furthermore, regular servicing of equipment is essential to keep it healthy and working effectively.
The smart home represents a significant shift towards sustainable and efficient living, driven by technological innovation. By carefully selecting devices that meet individual demands while implementing smart home technology advancements, homeowners can optimize their living space for the future. While managing a smart home may seem a bit daunting, the benefits in terms of security and convenience outweigh the effort. A smart home improves everyday life with automated tasks, saving time and money in the long run and making it a worthwhile investment.
The author is Executive President, Residential Business, Embassy Group.
