By Amar Sarin, MD and CEO, TARC
The luxury residential real estate segment has undergone many changes over the past few years as a result of the increasing adoption of technology. Such changes have taken place in various areas, such as security, project amenities, and sustainability, among others. The contemporary Indian homebuyer has evolved over the last decade. Over the same period, the living experience in premium residential spaces across urban areas has transformed. Overall, there has been a metamorphosis in the way individuals, as part of the cityscape, live, work, socialise, travel, shop, and conduct their daily lives. Rising income levels, changing demographics, and technology adoption have been the catalysts and the most significant enablers behind this transformed lifestyle. Uber, Zomato, Amazon, and Flipkart have impacted and continue to influence consumers’ lives, while app-based digital payment gateways have made conducting financial transactions more straightforward for everyone with a smartphone.
This phenomenon has resulted in a highly dynamic environment for homebuyers and real estate developers. In a nutshell, the consumer is experiencing a much higher quality of life due to technology adoption. As a result, their focus has moved to convenience and a seamless way of living, facilitated by the reliability and independence provided by tech-enabled on-demand systems.
A transparent, safe, and secure residential ecosystem in addition to privacy, personalisation, and independence are the vital factors redefining the concept of contemporary living. It is in these different areas that technology adoption and integration is leading to an enhanced living experience, helping individuals and families do more and live better each day. Recognising this critical link in homebuyers’ evolution curve, several key industry players in the luxury residential segment are adopting a proactive approach. They are providing a wholesome and seamless living experience covering all the aspects mentioned above while making the housing units future-ready for increased technology integration.
Residential security systems
Quick Response (QR) Code-driven access for visitors, biometric access for support staff, and intelligent security systems, such as wireless cameras, visitor video calling, and motion detection alerts are leading the way to provide a secure and stress-free living environment in premium residential spaces. Internet-of-Things (IoT)-enabled devices and appliances are enabling home security apps to be synced to homeowners’ phones, providing convenience.
Project amenities
Clubhouses in most premium residential projects now have incorporated biometric systems to improve access control. The usage of websites and mobile apps to view clubhouse amenities as well as reserve time slots in squash courts, lawn tennis spaces, or private events in the function hall has increased drastically.
Smart device-enabled homes
Nuclear families, working couples, and individuals who dream of leading a balanced and hassle-free lifestyle have turned to technology. An increased number of premium new-age homes now have internet-connected, voice-controlled smart devices. For instance, Google Home (a smart speaker), which makes mundane tasks more engaging and manageable, has become an integral part of many people’s home life.
Sustainability
The evolved luxury homebuyer demands a high quality of life. However, at the same time, they explore ways to preserve the environment. Technology and innovation are the key enablers in this space as well.
Electric Vehicle (EV) charging stations, solar-powered external lights, motion sensor lighting in shared spaces, and eco-friendly smart faucets to save and conserve water are some applications that reduce an individual’s carbon footprint while enabling conscious and responsible living.
To conclude, luxury urban living is no longer just about opulence and a larger-than-life image. It is about leading more conscious, peaceful, healthier, and environmentally-friendly lifestyles facilitated by technology. Today’s homebuyer works and lives with technology integrated into all aspects of their lives, leading to technology becoming a critical requirement, similar to water and electricity.