Technology, over the past few years, has successfully fuelled an exciting new concept in the housing sector by offering its consumers their first-of-its-kind tech-enabled living experience.
The worldwide market for “Smart or tech-enabled homes” is expected to rise to $6 billion approximately by 2022, a two-fold increase from $3 billion estimated in 2020, according to Statista.
Although the concept of tech-enabled homes is not new in India, it was mostly limited to the uber-luxury and luxury segments until a few years ago. With increasing demand and interest to invest in tech-enabled real estate from millennials and homebuyers in the mid-income segment, developers have started introducing the same in the mid-segment residential assets as well. Today, the preference of homebuyers has shifted towards investing in homes that complement them and simplify their busy lives. While there are independent devices supporting home automation with sensors within them, over the last couple of years there are solutions like Amazon Echo which can be integrated with unlimited devices.
The integration of such technology assistants in the house has increased the desirability to invest in smart homes which also empower and enable them to reduce carbon footprint through sustainable technology measures. With automated technology being integrated in smart homes, the demand has grown by 30% annually.
Addressing “smart homes” as a current need, households in India are stepping up to transform their homes with smart equipment and devices that can take care of their routine tasks through automation. A smart home is a suitable home setup where appliances and devices can be automatically controlled distantly from any internet-connected place in the world using a mobile or other networked device. A smart home has its devices connected through the internet, and the customer can regulate functions such as security access to the house, temperature, lighting and home theatre. More specifically an Alexa enabled home gives the resident an opportunity to operate their home with a simple voice command, ranging from small tasks like maintaining your daily reminders/ operating your electrical equipment to keeping an eye on your utility bills or engaging with the community.
The Indian smart home market is expected to surpass US$ 9 Billion by 2025 with key metros like Delhi NCR, Pune and Bengaluru gaining maximum traction. Keeping true to creating homes with a vision of being Future First, we seek to build one of its kind propositions across all verticals including residential. For instance, smart tech enabled homes that are designed for today’s Indian millennial and primarily any first-time home buyer. This user segment is technology savvy and understands the importance of it in everyday life. Integrating Alexa at these smart homes created a unique and exclusive proposition.
A resident can do much more in terms of community engagement and technical assistance since its linked across a common network platform. Few crucial examples are paying utility bills, receiving community notifications and information from the management, engaging with other neighbours /residents, connecting/ monitoring various common areas within the township/project or even managing the safety of your home remotely – just by using the voice enabled features of Alexa. Few other crucial elements for a smart home would be security systems with access controls, video door phones with intercom connectivity, fire detection, fire safety protection systems, control lighting / electricity, gas leak detectors and smoke detectors.
The steady increase in the demand of smart home concept can be attributed to two major reasons:
1.The need and requirement of the user
2. The availability and affordability of innovative devices and products
For real estate players, the reasons increase the marketability of the products while banking on newer technologies to create an innovative ecosystem within the homes.
Moreover, factors such as improved lifestyle, increase in disposable income of people and surge in awareness about automated systems have boosted the adoption of smart home devices, in turn driving the smart home market growth in India.
We believe that with the changes arising from the impact of COVID-19, a significant number of people will start adhering to the “new normal”. With the rising requirement to work from home, smart homes will play an important part to enable a smooth transition.