Smart Living, Smarter Homes: Real Estate's Next Frontier

We live in an era where technology is omnipresent. It has permeated nearly every facet of our life. The integration of technology into the real estate sphere should be no surprise. Smart home integration is transforming the home buying and selling experience. 'Smart' in smart homes stands for Self-Monitoring Analysis and Reporting Technology (SMART), making it more than just simple automation.

According to a joint study by the Indian Institute of Management Ahmedabad (IIM-A) and Boston Consulting Group (BCG), the smart home market in India was projected to grow at a CAGR of 18.4 % from 2020 to 2025. While another report states that Artificial Intelligence (AI) could add up to 1.4% annually to India’s real GDP growth.

Smart homes have elevated the real estate selling game and fetched higher selling prices. It is no longer just a novelty for modern investors and homebuyers looking for tech-savvy residences.

Types of Smart Home Applications

The landscape of smart home applications is changing rapidly. Although the initial investment is comparatively high, the long-term gains in time, effort and utility bill savings make it worthwhile for homeowners. Here are some of the popular applications of smart living and technology in real estate:

• Voice assistant devices like Amazon Echo or Google Home allow people to control their smart home devices by voice command.
• Smart home security integration includes cameras, motion sensors, door and window sensors and smart locks to keep homes safe. These systems can be monitored and controlled remotely through phone apps.
• Smart thermostats help homeowners save energy and money by allowing them to control their home’s temperature from anywhere. These thermostats can learn your preferences and adjust settings automatically.
• Smart lighting systems let users control their lights — including brightness and colour and even schedule lighting for different times — with just a tap on their phone. Some systems can even adjust based on natural light and occupancy to save energy.
• Smart appliances like refrigerators, washing machines and ovens can be connected to a smart home network. Users can remotely monitor and control, get notifications, schedule tasks and optimise energy usage.
• Smart entertainment also includes smart speakers and smart TVs. Homeowners can control their entire home entertainment system with just a touch of a button or a simple voice command.

Benefits of Smart Home Integration

Today tech-savvy homebuyers have different expectations when on the hunt for their dream home. Moving a step beyond the conventional wish lists, they actively prioritise properties equipped with smart home features, deeming them indispensable rather than merely optional.

The new generation of homebuyers is well aware of the perks of smart home living. Apart from comfort and convenience, here are some of the top benefits for homeowners:

• Green Footprint - Smart homes are a great way to bring down the home’s carbon footprint. As per recent reports, using eco-friendly practices and smart appliances leads to a 30% reduction in energy consumption.
• Energy Efficiency - Smart home integration allows for better control over energy consumption. Automated thermostats, lighting systems and energy-efficient appliances contribute to reduced energy bills, making the property more attractive to eco-conscious buyers.
• Future-Proofing - Smart home integration systems add a level of future-proofing to the property. As technology continues to advance, having a home that is already equipped with smart features ensures relevancy and makes it appealing to future generations of homebuyers.
• Top-end Security - Smart home security systems, including cameras, sensors and smart locks bring an added layer of security to the homes, making it a significant dealbreaker for potential buyers.

Ways Smart Homes Are Revolutionising Real Estate

Smart homes stand as game-changers that set properties apart in the market. The technology in its many avatars is bound to influence the construction, marketing and management of properties in the years to come.

• Higher Property Value - Potential buyers are ready to shell out a premium for homes integrated with smart technologies.
• Enables Customisation - With smart technology living spaces can be tailored to individual tastes and preferences, attracting discerning buyers.
• Market Differentiation - Real estate developers and agents can use smart home technology as a selling point to distinguish their properties from competitors to appeal to a broader range of homebuyers.
• Data Insights - Data collected from smart home devices can help with decisions related to home design, marketing strategies and property management. With this information, real estate professionals can better align their offerings with their target market.

Conclusion

Smart home integration is bringing about a fundamental shift in how homeownership is approached. Smart homes have turned into intelligent companions that adapt according to the needs and preferences of residents. Real estate professionals must stay up-to-date with the latest smart home trends that align with their tech-savvy expectations of new homebuyers.

Brigade Plus, Brigade’s interior arm, offers a range of home automation systems with internet-connected devices, enabling remote monitoring and management. Brigade Plus services offer a highly customisable, convenient and cost-effective means to add a smart digital touch to your everyday life. Other projects to explore are SMARTMENTS, tech-enabled homes at Ivory, Brigade Orchards that are equipped to integrate smart technology into the homes.