By Mr Angad Bedi, Managing Director, BCD Group
A smart home has become a term synonymous with luxury. Merely a few years ago luxury was all about opulence. Still, over the period discerning buyers started to experience a different side of life – a life that is not only about comfort but also about convenience. With India’s progress as a digitally enabled nation, cutting-edge technologies began to impact the real estate sector. A smart home is a response to this transformative ecosystem, throwing possibilities towards the new age home buyers.
It has been observed that millennial wealth is on the rise and this generation is inclined to invest in luxuries that are tech-enabled and complement their savvy lifestyle. Automation being the new indicator of productivity is of utmost value to this generation, so why their living spaces be deprived of this? This is providing impetus to the developers who are leveraging consumer preferences to carve a niche out of the smart homes market. As per a published report – In August 2021, ABB India introduced a new switch line. ISI-certified Millenium and Zenit switches provide consumers with control, functionality, and comfort in smart buildings and premises that can be readily upgraded with the most up-to-date smart home automation systems. Customers may move from traditional lighting to an eco-friendly intelligent alternative with these switches designed for both residences and commercial facilities. These data are crucial in terms of understanding consumer preferences and providing insights to create an actionable roadmap for smart homes in India.
But it is important to point out that smart home is a concept that is way more than just fancy gadgets. Everything from lighting to temperature and security to energy efficiency can be operated and controlled remotely. So, in a sense, one is always connected to one’s home. This is what defines a smart home. Ultimately, all these translate to enhanced security, energy efficiency, and a sense of effortless living. Visualize yourself in a perfect ambience dotted with personalized lighting settings, and music playing your favourite tunes – a seamless and welcoming experience that truly awaits.
Keeping this in perspective it is evident that enhanced integration of technology into our living spaces will reach its heights by the end of 2024. Smart homes are evolving to incorporate technology into every aspect of our lives. From furniture that adjusts to our needs to walls and surfaces, technology will enhance both the aesthetics and functionality of interiors. Home automation systems are becoming more advanced offering convenience and efficiency while maintaining an unobtrusive look.
Changing working styles and preferences give way to home offices and modular workspaces. Homeowners who want flexible working arrangements are now looking for provisions & spaces that are aligned and designed to their lifestyles. Only smart homes have identified this trend that will eventually drive the demand for multifunctional spaces. This will not only facilitate a seamless transition from work to leisure but will also unlock a new realm of productivity for the new age homeowners.
Over and above, smart homes are not just a trend or a living choice, it is a viable investment instrument. Studies suggest that homes equipped with smart technology fetch higher rental yields and appreciation values. Additionally, these systems are designed to be adaptable and upgradeable, ensuring your home remains future-proof as technology evolves.
In a nutshell, it can be said that the Indian luxury real estate market is going through a massive transformation. Smart homes are no longer a niche offering but they are the preferred choice and benchmark for the discerning buyers. Developers who embrace this trend and integrate smart technology thoughtfully will not only find themselves amidst a realm of opportunities but will also get the leverage to innovate. As technology continues to evolve, the possibilities for smart homes are endless, promising an even more personalized and enriching lifestyle for residents.
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