The ecosystem of smart homes- a growth story
Read on to understand the factors causing the emergence of smart homes
Smart homes are your ultimate digital dream coming true! Do not mistake this revolution in the real estate industry as a temporary fad or something that would appeal to millennials only. Smart homes embody the very basics of life today- convenience, comfort and inclusivity. They are based on the concept of the Internet of Things (IoT) which basically implies that each and everything in your house can be now accessed and managed remotely. All such devices shall be integrated, interconnected and electronically controlled from a single device/application. Piques interest, doesn’t it?
Picture this. You are away on a winter holiday and are dreading the fact that the house will be bone-chillingly cold when you arrive. If it is a smart home, you can power on the heater/thermostat while on the way home. Or something as mundane as this- you need an alert each time your kid walks past the security gate so that you can greet him/her on time at the entrance. You can even close the drapes through voice control and remotely access the live video feed from home. And, this is just the tip of the iceberg. The security features a smart home provides are unparalleled, even when you are not around to monitor the house. Features like gas leak detectors, fire alarms, smoke detectors etc, all become automated in a smart home to provide you with the safest abode.
No wonder then, that the home automation market is expected to cross Rs 50,000 Cr by 2024 in India. Here are a few factors that have fuelled the growth of smart homes in India-
A spike in affordability: The disposable incomes of the middle-class residents in India have grown considerably in the recent past. With average affordability* in real estate touted to be about 4.5 times of your annual household income, a recent Knight Frank report suggests that the affordability has bettered itself in most of the Tier I cities in India. DNCR, for example, has an affordability score of 5 which is just over the ideal and has come down from a score of 6 in 2010. This is a remarkable improvement.
The need for convenience: Technology is increasingly offering a level of comfort to people and thus begins the search for everything all-inclusive. This factor weighs heavy for nuclear families where most members are working and it results in a constant paucity of time. The Millennials of today are both extremely tech savvy and hard pressed for time. They want a one-stop-solution for most services and this is exactly where smart homes score a home-run! Who would not like to just enter the house and be able to switch on all relevant appliances with a single voice command? The much-anticipated future has arrived already!
Efficiency and Safety: With safety being the primary concern for all residents, smart homes bring with them security systems that are exclusive and extremely secure. With convenient surveillance and state-of-art technology used, residents have to worry less. Moreover, smart devices are energy efficient- a cause, most of us are aware of and aligned with. Smart homes are ringing in technology while still being responsible to the environment.
In accordance with the trends, Emaar India is constantly innovating and thriving to make our customers future-ready. Keep watching this space for more updates about our venture into the smart homes arena!
*Affordability Index- is a measure of the capability of residents to afford to purchase something. Case in point- real estate