India Markets closed

How innovations are changing the dynamics of luxury real estate

real estate, real estate in India, luxury real estate, IoT, Internet of Things, Artificial Intelligence, home buyers

The advent of new technologies has improved our lives in every respect. These technologies are also playing a key role in changing the scenario of real estate, including the 'luxury segment'. Currently, the luxury real estate sector in India is undergoing a colossal transformation. Today, grandeur is reflected by providing a high standard of living and top of the line amenities with latest smart technology & engineering concepts for creating maximum end user comfort.

Opulence has become synonymous with the need to innovate and achieve a smart and connected lifestyle. Life is comfortable with features that meet the growing aspirations of the buyers and reflect their social status. Technological advancement has ensured exclusivity to the homeowners in addition to providing them multi-layered advanced security systems and sustainable constructions. Earlier, the location was considered a crown jewel of home ownership, but now it is no more the only cynosure of luxury real estate. With the awareness of international lifestyle standards and decoration styles, penthouses, condominiums and contemporary villas, the contours and user demand in this prime segment are changing rapidly.

The awareness regarding climate change has gained momentum in the last few years and spoilt the end user with choices being offered to them from various developers with innovation in the environment sustainability being the main pillars. With the emergence of green building concepts, it has now become an industry standard to protect the environment. Modern residences are equipped with energy-efficient technologies along with the best water management practices and promise lower greenhouse emissions.

With the IoT (Internet of Things) at the heart of Machine to Machine (M2M) learning and Artificial Intelligence (AI), the concept of modern homes has evolved and promises to push the boundaries of comfort and luxury in the real estate segment. These technologies allow a home buyer to control domestic appliances and home devices through a voice command enabled through a customized mobile app. The demand for smart homes has contributed towards creating a sea change in the expectations of buyers. Internationally-travelled and well informed customers are demanding smart, connected and comfortable homes enabled by these technologies. This end user demand is swiftly transforming living standards across the world, especially in the luxury residences segment.

Considering this demand, real estate developers are coming up with world-class designs and are attracting buyers from across the globe. The definition of luxury varies for individuals as everyone has unique aspirations on the choice of décor, taste and lifestyle goals. Clearly, high standards of luxury can only be achieved through the use of the most advanced innovations for creating splendid modern homes. Realtors who embrace technological advancement would help the buyers lead a secure, connected and comfortable life. The next generation wave of technological advancement and innovation will propel the evolution of luxury real estate industry towards the development of future-ready smart homes.

(By Li Qiongjia, Director, Risland (North India)