It’s really difficult to pinpoint a part of our daily lives that is not touched by technology today. It is changing how we fundamentally live our lives. If you think we’re going into a prolonged rant about how we have become dependent on technology, relax and read on.
Technology has increasingly been an integral part of our households. From a time when having an electric mixer was seen as a sign of prosperity to a point where we’re able to control aspects of our homes using our smartphones or tablets, development certainly has come a long way. The most recent advancement that ties together technology and real estate is the advent of smart homes.
Smart homes are apartments or constructed independent houses that are automated with electrical connections and can be controlled via connection to smartphones or tablets or computers. Typical smart homes may include lighting with motion-sensors, complete CCTV surveillance systems, temperature control options and so on. Remote control opening and locking of doors and usage of password-protected locks are also part of smart homes. Wireless connectivity, cross-device compatibility, voice commands and remote monitoring are hallmark features.
What initially seemed too fantasy-like to become a practice is slowly finding supporters in the country. In India, it is believed that the smart home market will see a compound annual growth rate of 30 per cent. Willing buyers for smart homes choose them for the obvious benefits they offer such as:
- Improved security and safety
- Energy efficient solutions
- Reduced energy costs
- Convenience
On the flip side, though, the concept suffers from a few setbacks. To start with, the cost of automating a home is high. It could cost anywhere between 5-10 per cent of construction cost. This naturally raises the selling prices of these homes which means there currently aren’t as many buyers as one would imagine. Secondly, there is a general lack of awareness of smart homes among buyers. They also don’t find it a necessity at this point to pay a premium for such features. Complexity of operating these systems is another deterring factor to the adoption of smart homes.
While these are valid concerns, it may very well be that smart homes are experiencing teething problems in the Indian real estate market, so to speak. Most of these issues can be resolved over time with more support from the government and a general rise in the standard of living in the country.
The change, of course, will not be effected overnight. It could take the better part of a decade before smart homes become significantly prevalent in the country compared to the current state of smart homes being restricted to cities that have a majority of IT professionals.
Smart homes are definitely not a fad that will fizzle out. Remember a time when mobile phones didn’t exist? Now smartphones are a necessity. You can be fairly confident that smart homes will see a similar rate of adoption.