‘Smart homes can be as popular as smart phones in India’

September 27, 2014

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The new buzz word in town is ‘Smart’, from smart homes to smart cities. Most of us have idealised this concept and while much of the Indian public is receptive to the idea, it is still an emerging concept and there are doubts amidst enthusiasm as to whether this concept is here to stay. In a conversation with Vishal Dhar, co-founder and president, marketing at iYogi, Magicbricks attempts to arrive at the feasibility of smart homes in India-

Smart Homes to capture a sizeable market share

Smart Homes are all about creating a better experience for home owners resulting in a home that’s secure, energy efficient and easier to manage. This would improve the overall quality of life. Each of these is an important issue for Indian home owners and therefore smart homes are definitely needed, and their adoption across different categories will grow. Majority (8 out of 10) of developers have expressed a keen interest in adding Smart Homes to their portfolio in the near future.

Smart Homes and pricing in the wake of Housing for All and affordability

Today, having a smart home costs between 5 and 10 per cent of the construction cost – which is what makes it prohibitive and a dream for most people. New-age technology has made it possible for smart home solutions to fit any pocket or home size. For instance today, dedicated companies can help real estate developers create a smart home for as little as 1 per cent of the total construction cost. As awareness and demand for smart homes increases, the economics will make sense and costs will come down further.

Smart homes more than just hype

The popularity of any product or category is dependent on different factors. The first is its value for target users, combined with availability and price. Today, Android and Windows phones are available across price points, leading to the huge adoption of smart phones. Not just that, it is also the interesting applications that are being developed keeping different user needs in mind. Home automation systems will pick up steam as more locally relevant applications and use cases are developed and more vendors start innovating and creating interesting products at different price points. This, along with a concerted effort to create greater awareness about the benefits of Smart Homes, will ensure that Smart Homes become as popular as smart phones at some point in the future.

India is ready for smart homes

Connected homes are no longer a futuristic concept. Cross-device compatibility, wireless connectivity, voice commands, smart monitoring are a few common features found in today’s Smart Home appliances including refrigerators, washing machines, ACs and home security systems. Technology adoption in India is growing at a fast pace and Smart Homes will not be left behind. In fact, according to the International Data Corporation, India is currently among the fastest growing smart phone markets in Asia Pacific and has seen a 31 per cent sales growth in the first quarter of 2014, even higher than China. So in a way, technological dependence is already here.

With a growing middle class, rise in disposable incomes and growth of nuclear families, Indians are willing to spend extra for safety, security, comfort and style and it is only a matter of time before home automation systems also become common.

Source:Magic Bricks