The latest trend in the real estate sector is smart homes, and why not? Smart homes enable residents to control everything in their home, from their air conditioner to refrigerator and everything in between remotely. They have transformed the way people live and work in their homes, making smart homes a profitable investment option. Here is everything that you need to know about smart home trends in India.
Smart Homes Evolution
Many people think that smart homes are a recent happening, which is not true. As per reports, smart homes were introduced in India in 2015. And after that, they gradually become one of the most popular abodes for living. They offer a range of benefits, which include increased security, convenience, comfort, energy efficiency and more.
Benefits of Smart Homes
The growing demand for technology and automation has made smart homes the top choice of buyers. Due to this, companies are hiring developers who can build homes that are equipped with smart features such as sensor lights, remote lights and fans, heating and cooling, safety features, etc. Here are some known and lesser-known benefits of smart homes.
1. Safe and Secure
Smart homes contain sensors that alarm the homeowners for fire, leaks and other risks. Early detection helps homeowners take quick steps, which saves the lives of people inside and mitigates the damage to the property. A real estate consultant can help you find a property that is equipped with all the safety features and functions, ensuring your comfort and security.
2. Energy Efficient
Smart homes are more efficient than traditional homes- they are equipped with smart devices such as smart thermostats that automatically adjust the temperature, as per the user’s preference. It also enables residents to manage their electronic devices when they are outside the home, thus helping conserve energy and reduce electricity bills.
3. Offer weather-related Risk Management
Technology has made it possible for people to monitor real-time warnings of weather during monsoons or other unfavorable climatic conditions. This helps safeguard property and people from natural disasters such as heavy rain, heavy snow, floods, etc.
4. Comfortable and Convenient
Smart homes are designed to make the life of the occupants easy. Residents can control the devices inside their homes with voice commands on smart speakers and other smart devices. The homeowner can turn on lights by the time they reach home so that there is adequate lighting to walk inside the room.
5. Increased Property Value
Smart home’s popularity is growing, which means you will get more resale value than a traditional home. They are also considered premium, which means they are priced higher in the real estate market. However, if you are unable to find smart homes on your own, consider engaging a property investment consultant.
Future of Smart Homes in India
The future of smart homes is looking bright with new technologies and trends. One such trend is sustainable or eco-friendly living. Smart homes are equipped with features like rainwater harvesting and energy-efficient appliances catering to the growing demand for green living. With the rise of AI, smart devices will become even more capable of remembering user preferences and automatically setting them for their comfort. Moreover, COVID-19 has significantly impacted the trend of smart homes in India, with more and more people working from home. Home offices, entertainment systems and remote access are a few popular options for people who like spending time at home.
Opportunities for Investors
Smart homes provide enormous opportunities for investors with their benefits, which include increased property value, increased rental income and many more. However, discovering smart projects is not that easy, and you should look for a reliable real estate consultant to find projects that focus on sustainability and technology.
Moreover, though the demand for smart homes is growing rapidly, consumers are still less aware of the benefits of smart homes. All this makes it difficult for developers to sell smart homes and get good returns. Also, smart homes require a high initial investment. So, you should keep everything in mind, as smart homes can limit your potential return.
The market size of the smart home industry is rising, with key players getting involved in their construction and management. But, the industry is facing challenges with a lack of awareness among people and high investment costs associated with it. However, the advantages of smart homes have been overcoming this barrier. As a result, they are expected to have wide acceptance and growth in the coming years.