Real Estate 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.

New age start-ups have overcome earlier teething issues and are now developing affordable products that can be easily integrated with existing plans. These products now offer monetary savings and come with important features like appliance malfunction warnings.

Picostone, a home automation start-up, has been working with builders to develop and deploy products across mid-size and luxury projects.

“There is huge growth potential for home automation products in India and this growth has been further augmented by the innovative products developed by start-ups in this space. We estimate the conservative early growth of this segment by 30% to 50% on-year for the next five years,” said Nilesh Jain, head – Metaform Ventures LLC, a US-based investment firm that has invested in this segment in India.