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Home Automation And Home Improvement

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Technology makes impossible things possible and time-consuming things simpler than ever imagined.

Either by eliminating the efforts man takes to do a certain task or reducing the time taken to do it, its wonderful how technology is taking over our lives. In the times when modern architecture and interior designs are getting as creative and accessible, the home automation and improvement methods are constantly trying to enhance the modern living experience. 

The entire IoT (Internet of Things) concept is enhancing the way home makers are providing better home to the home buyers. The IoT is driving out way for advanced luxury and semi luxury homes and even the newly introduced “Smart Homes”, where the entire home management is tracked at the click of a button or voice control features. Also, the concept of AI (Artificial Intelligence) enhances the experience of the people in the smart homes as the sensor-based system responds to the activity going on in the premised and works accordingly. The projected size of Indian Smart Homes market by 2022 is $6 Billion, a twice of $3 billion estimated in 2020, according to Statista. The introduction of 4G internet and advanced Wi-Fi facilities initially pushed the home automation market in its initial times. However, with plans of launching 5G in Indian Market by various telecom players, it is a definite factor that the usage of Internet and Smartphone will further increase in India and the faster internet access will make automation facilities more attractive. 

The smart home devices are not just limited to voice responsive technology but also are ambience responsive and are so impactful that even before the person commands something, the task is done. The lights in rooms being lit only in presence of someone and automatically switched off when the person isn’t around, it not only saves time but electricity as well. 

The chimneys are responding to the fumes once cooking is in process and switch on in response to the fumes sensed around. The air conditioners draining excess energy due to some glitch or damage, will detect the issue itself and alert the technician for fixing the same. The smart televisions, refrigerators have already paved their way to homes and are making the living better day by day. The working couples find it easy to connect with their children at homes remotely due to cameras and voice recognition devices supported by the internet. This ensures security as well as the comfort of being around one’s family even when work keeps you apart. 

The concept of furnished house is taking front foot in newly developed projects for new millennial generations. This gives opportunity to home makers to develop premium houses which provide a value to the buyer in the current times. The residential segment accounts for nearly 60% of India’s home automation industry out of which individual homes and villas account for 75-80% of market and builders account for 20% of market. Commercial spaces contribute to 30% of the home automation market and hospitality industry contribute to the balance 10%. 

Owing to its dominance in the residential segment, builders can use this to their advantage and further differentiate what they offer to their potential buyers. The buyers desire to get things customised can be used by the home makers to their advantage and get the automation facilities to the buyers as per their requirements. To their expertise and initial objective to provide a completely updated home to the buyers, the builders can be considering the buyer’s needs from early phases of development itself. The major reasons driving the automation facilities market is energy-saving, time-saving, convenience, control from a distance and need for additional security for the house. The most widely used automation devices as of now are lighting and security-related devices. 

The real estate market in India is suffering since a while now. The smart homes may cost slightly more than the regular homes to the buyer. But the future benefits, tangible and intangible ones, in terms of future savings as well as the comfort it will provide and the enhanced value of the home, will always be more than the additional costs that buyer will incur. The time calls for revamping the way the builders offer their product. The idea of creating additional value to the buyer and not just providing a basic home will help the builders win back buyers interest in the real estate investments.

By Niraj Bora, Founder, Surmount Business Advisors Private Limited

DISCLAIMER: The views expressed are solely of the author and RealtyNXT.com does not necessarily subscribe to it. RealtyNXT.com shall not be responsible for any damage caused to any person/organisation directly or indirectly.

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