Smart Homes gaining traction among buyers
Hyderabad: Whether it is to make homes more connected or just to enhance safety, Smart Homes are gaining traction among property buyers. Many new-age buyers who are technologically savvy and are looking for newer gadgets to fill their lives are also looking for smart home automation systems to be ahead of their times. Not just buyers, many developers are also offering these newer technologies as an add-on to existing amenities while selling properties.
If a few years ago, smart home automation meant only connected switches, now it is an all-encompassing tool which could include a variety of offerings. From offering smart locks, smart connected security cameras and alarm detectors for safety purposes to offering voice-based assistance in devices to switch on lights, fans and other electrical appliances, the definition of smart homes has expanded.
Many reports suggest that the Indian smart home automation market is estimated to grow at a compounded annual growth rate (CAGR) of 29.8 per cent during the period 2019-26 to reach almost $13.5 billion. Many big technology companies like Google, Amazon, Philips and Bosch, among others are investing in this high-growth market and some homegrown companies are also looking at partnering with real estate developers in order to offer these smart home fitments while developing the property.
“At present, buyers are preferring home appliances and devices that are smartly connected and energy efficient. One of the popular smart home trends is Home Automation. It involves smart technologies like Alexa, Clei, space optimization and smart furniture. Many are using smart furniture to ultimately help in space optimization. For example, a well-designed smart furniture can convert a living space into a bedroom area. Buyers can also install solar panels at their home by using Internet of Things (IoT), which is very energy efficient,” says Naveen Mypala, founder, Urban Living.
The properties that are fitted with smart home automation tools are offered at a premium. Real estate experts suggest that the profile of buyers of such property is either high-net worth individuals or young buyers who are willing to spend that extra amount to get these tech-savvy fitments in their homes.
Many developers, like the Sahiti Group, are experimenting and consulting with smart home fitments and buyers are able to rent out these properties at higher cost, making it a good investment proposition. Mypala also adds that buyers are keen to buy a home with existing smart home technologies. “Instead of being a luxury, it has become an expectation. They are willing to make their homes smart and green using controllers that are integrated with the home sub-system,” he informs.
He also adds that the present need of buyers is the demand for comfort, efficiency and security which are driving high in smart home trends.
In the post Covid world, there is also a high demand for smart air purifiers and air conditioners in maintaining air quality. In addition to this, the increasing trend of work from home has consequently raised the dependency on the internet and digital gadgets. Currently, IoT enabled smart homes are a fast-emerging category that is serving the consumers with easy access to the internet.
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