Is Investing In A Smart Home Right Now A Smart Move?
From being a rarity, Smart Homes have become pretty common in the Indian real estate market. Numerous residential products in the country now boast of amenities that can regulate all the appliances with a single remote. For instance, smart plugs can regulate lighting and set timers for water geysers. You can manage everything by using a smartphone app. With demand for such homes is steeply rising, should you consider investing in a smart home?
What is a Smart Home?
A Smart Home comprises of all the devices in the house connected to a single monitoring and remote management solution. All the heating and lighting systems & appliances can be monitored through a single app. This is referred to as Home Automation. Smart homes offer a sense of comfort, convenience, and security to the homeowners.
All the devices in a home automation system are linked to a Wi-Fi network which makes it easier to manage them. Software integrated with these devices records the habits and preferences of the users. For instance, a speaker can track the kind of music a particular user likes or a smart mattress can automatically adjust to your back. Home theatres, home security, and lighting are all covered under home automation.
The Increasing Demand for Smart Homes in India
The Indian smart home market is expected to touch six billion USD by 2022 as per the market forecasting company Statista. This number is globally expected to touch USD 53.4 billion by 2022. The customers can operate the devices in their homes from anywhere. The scope for personalization is also increasing the popularity of smart homes. The enhanced security is also a major factor driving the demand for technologically advanced homes. You can speak to a visitor through a camera and can open the door lock digitally. The demand has propelled in Tier-2 cities as well.
Several appliance manufacturers have started launching smart devices to cash-in the opportunity. Panasonic has already launched a range of smart appliances to cater to the demand in the Indian market. Also, machines with sensors can determine if the activity in a room is normal or not. Smart sensors will further create value for the consumers.
5G will further accelerate the growth of smart homes. The capacity will be higher and there will be less lag due to increased connectivity. Earlier, it was difficult to manage multiple appliances under automation. However, now everything can be accomplished with a single step. Automation goes beyond luxury. A family on a vacation will no longer have to bother about having left the geyser on or worry about the front door being locked or not. They can monitor the status of their homes from anywhere through their smartphone app.
This is the reason why many tech-savvy home buyers are focusing on investing in smart homes.
With the lowering of interest rates, the demand for home loans is certainly going up. Comfort homes come with a cost. They may seem like a luxury indulgence. With a growing volume and with the development of the local ecosystem, the overall costs of owning a smart home would significantly decrease. If you’re considering investing in a property, it might very well be a smart home provided the developer hands out some worthy discounts.