Smart homes have taken the real estate industry by storm, emerging as a critical element influencing property values and buyer preferences. Driven largely by demand from tech-savvy Gen Z and millennial homebuyers, what was once a luxury has now become a strategic investment, significantly enhancing both the appeal and market value of homes.
In India, the smart home revolution has transformed traditional living spaces with cutting-edge technology, promising greater convenience and efficiency. The dream of a futuristic home is becoming a reality as automated lighting, sophisticated security systems, and smart appliances become more prevalent. With the rapid adoption of smart technology, it is essential to evaluate its impact, address potential challenges, and consider its future trajectory.
According to a recent industry report, smart home devices in India have seen a significant growth, reaching 8–10% as of 2023. The report estimates the smart home market at approximately ₹90,000 crore in 2023, with expectations for it to expand to ₹1,40,000 crore by 2028. In particular, security devices are anticipated to experience rapid growth, with around a 14% market share in the next four years.
Latest in tech
Several cutting-edge smart home technologies are poised to redefine home automation. These innovations not only enhance the functionality of homes but also play a crucial role in boosting property values. Property developers are going the extra mile to bring A-class home automation technologies to their homebuyers.
From thermostats to voice assistants
Smart thermostats adjust heating and cooling based on user preferences and behaviour. Furthermore, they can be controlled remotely through smartphone apps. Their energy-saving capabilities can significantly reduce utility bills, making them a valuable feature for prospective buyers. In response to market demand, electronics brands are bringing in the latest devices and models.
Smart lighting devices help to manage lighting intensity, colour, and schedules from their smartphones or via voice commands. They can create personalised lighting scenes, enhance home security by simulating occupancy, and reduce energy consumption. The combination of aesthetic appeal and practical benefits makes smart lighting very inviting to tech-savvy buyers.
For many buyers, home security is a top priority. Smart security systems offer advanced solutions to meet this need. Devices such as video doorbells, security cameras, and smart locks provide real-time monitoring, remote access, and instant alerts. Integration with smart home hubs ensures seamless control and monitoring, further enhancing the attractiveness of the property.
Modern smart appliances, including refrigerators, ovens, and washing machines, offer unparalleled convenience and efficiency. These appliances can be controlled remotely, provide maintenance alerts, and even suggest recipes based on available ingredients. Their advanced features not only improve home functionality but also captivate buyers looking for connected, modern living spaces.
Voice technology has become central to the smart home experience. Voice-enabled devices manage other smart home devices, offer information, and automate routines. Smart hubs, which integrate various smart home devices into a single control system, enhance the user experience by providing centralised control and automation capabilities. Together, these technologies are transforming the home automation landscape, offering both enhanced convenience and increased property value.
Tips to maintain
Maintaining a smart home for optimum results involves several key practices. The most effective measure is to regularly update passwords across all devices and applications controlling the smart home, ensuring robust security with options like multi-factor authentication. Additionally, the software on the devices should be updated on a regular basis to ensure they function seamlessly. Incorporating maintenance features during initial installation, such as power conditioners and uninterrupted power supplies (UPS), which protect against power surges and ensure uninterrupted operation, is key. Furthermore, regular servicing of devices is vital to keeping them healthy and in effective working condition.
Smart homes represent a significant shift towards sustainable and efficient living, driven by technological innovation. By carefully selecting appliances that meet individual demands while embracing advancements in smart home technology, homeowners can truly optimise their living spaces for the future. While managing a smart home may seem a bit laborious, the benefits in terms of security and convenience are beyond the effort. Smart homes enhance daily living with automated tasks, saving both time and money in the long run and making them a worthwhile investment.
The writer is Executive President, Residential Business, Embassy Group.
