Bhavik Bhandari, CSMO, Ashwin Sheth Group
Traditionally, location, interior decor, amenities and price have been the key considerations for prospective homeowners. However, as the momentum in luxury real estate purchases increasingly shifts towards the tech-savvy Millennial cohort, technological innovation in living spaces has also come to the forefront. Estimates that smart home automation could grow to a USD 25.64 billion market in India by 2025 reflect this trend. Greater consumer awareness of home automation solutions, and the desire for the enhanced comfort and convenience that these bring to the table, will make smart homes a significant priority for the new-age real estate developer.
Maximizing Convenience & Control
Internet of Things (IoT) is the technology that lies at the heart of advancements in home automation. It creates an interconnected ecosystem that integrates every device within the luxury residence – refrigerators, kitchen appliances, heating & cooling systems, lighting systems, home entertainment systems, and more. Residents can regulate virtually every aspect of their interior environment through smartphone applications, with AI-enabled voice control providing the additional convenience of a completely hands-free home automation experience. Imagine the ability to switch on your lights, fans or air-conditioners, raise your blinds, and turn on the television wherever you are, with a few swipes and taps on your phone or a few spoken words? This is the mastery over their homes that is increasingly becoming a basic expectation for luxury real-estate buyers.
Enabling Smart Security
Safety and security are among homebuyers’ foremost priorities, and smart systems integrated into luxury developments substantially address these requirements. Facial recognition and biometric authentication govern access to the property with greater precision, while advanced surveillance systems facilitate remote monitoring of the home by owners from any part of the world. Smart doorbells, smart door locks, and related devices add a further layer of security to the residence. Moreover, smart sensors, including smoke, water leakage and carbon monoxide detectors, can play a key role in enhancing the safety and well-being of residents.
Driving Sustainability and Energy Efficiency
Given that the contemporary homebuyer puts a premium on sustainability, forward-looking real estate developers increasingly endeavour to design and build ‘green homes’ – incorporating a wide range of technological innovations, including solar panels for renewable energy generation, water-saving mechanisms, smart lighting, adaptive thermostats, and more. In addition to facilitating resource conversation and reducing the carbon footprint of the home, the optimization of energy and water consumption by these smart systems also serves to reduce energy and water costs for homeowners.
Towards a New Paradigm of Smarter, Tech-Driven Homes
While aesthetics will always be a key parameter for prospective homeowners while evaluating luxury residential properties, the critical role that functional benefits play in real estate decision-making can scarcely be understated. In the years ahead, this enhanced functionality will be driven, to a large extent, by smart home automation solutions – fueled by technological advancements in areas such as Artificial Intelligence and IoT. Encompassing the full spectrum of services – safety, security, maintenance, resource conservation, enhanced comfort, and entertainment – these technology-infused living spaces will redefine standards of luxury and convenience in the real estate sector of tomorrow.
