Developers turn to IoT, Artificial Intelligence to woo home buyers
Internet of Things (IoT) and Artificial Intelligence (AI) are no longer buzzwords even for real estate developers as they increasingly deploy these as well as home automation to lure homebuyers.
Developers are warming up to the idea of incorporating home automation products to their offering, a late addition to the standard amenities list so far. Given the cost factor, developers refrained from deploying these products earlier. A huge reduction in technology and deployment costs has been a clincher.
Platforms that use cloud-based algorithms and sensor technologies monitoring indoor environment and alerting residents for corrective actions are also being deployed to bring wellness intelligence into the connected home environment.
“Real estate today is no longer confined to a brick-and-mortar structure with developers constantly looking for ways to offer value to their customers. It has evolved into creating a healthy environment for people to live, work and play, thereby improving the health and quality of life of households around the world,” said Shishir Baijal, CMD, Knight Frank India.
Wifi-enabled home automation products like video door panels, motion sensor based light and security management and appliance control products that remote manage air condition, television, geysers and other electricity drawing appliances that are app-controlled are slowly becoming part of new developments, especially in the metro areas.
“Developers are looking for automation products that are affordable and durable with a host of features that range from basic remote control of appliance to security features,” said Virang Jhaveri, co-founder of Picostone Technologies.
Given the rising acceptance and the trend of deploying such products, investors are also watching the space with keen interest.