The real estate industry is witnessing a dramatic shift in buyer preferences, with balconies and smart home technology emerging as key decision factors. Mr. Anuj Goradia, Director at Dosti Realty, shares valuable insights on these evolving trends and the growing integration of IoT in modern homes.
The Balcony Boom
One of the biggest shifts in homebuyer demand is the growing preference for balconies. Whether it’s a small standing deck or a larger outdoor space, buyers are prioritizing homes that offer some form of private open space.
● Balconies are now a make-or-break factor for many buyers, even in smaller budget homes.
● While balconies are not included in carpet area calculations, they provide additional functional living space, making them a highly desirable feature.
● Built-up area includes balconies, making it an important consideration when evaluating the total space of a property.
This trend reflects the post-pandemic shift, where buyers value open spaces within their homes more than ever before.
The Rise of IoT in Real Estate: More Than Just Luxury
The demand for Internet Of Things (IoT)-enabled smart homes is growing rapidly, not just for convenience but also for safety and efficiency.
● Smart home features go beyond aesthetics—they enhance fire safety, energy efficiency, and security..
● The Brihanmumbai Municipal Corporation (BMC) has mandated the installation of IoT-enabled meters to monitor voltage fluctuations in key home appliances like air conditioners and refrigerators.
● These smart meters send immediate alerts to the building’s society and BMC headquarters in case of any fluctuations, preventing fire hazards.
Beyond regulatory compliance, developers are incorporating simpler yet effective smart tech solutions, such as:
● Wi-Fi-enabled common areas to improve connectivity.
● Home automation systems that allow residents to control lighting, security, and appliances remotely from their office or mobile devices.
IoT’s Impact on Real Estate: The Future of Smart Living
The Internet of Things (IoT) is revolutionizing property management and home automation, making real estate more efficient, safe, and sustainable.
Key Functions of IoT in Real Estate:
● Data Collection – IoT sensors track temperature, energy consumption, and security status in real time.
● Automation – Devices adjust settings automatically, optimizing lighting, climate control, and security.
● Smart Homes – Appliances and systems can be controlled remotely via apps or voice commands.
● Property Management Benefits – IoT helps real estate managers optimize maintenance schedules, reduce costs, and improve tenant satisfaction.
Examples of IoT Devices in Real Estate:
● Smart Thermostats – Adjust temperature based on occupancy.
● Smart Lighting Systems – Optimize energy usage based on natural light.
● Security Cameras & Smart Locks – Enhance home security with remote monitoring.
● Water Leak Detectors – Prevent water damage with instant alerts.
● Energy Monitoring Sensors – Track and reduce power consumption.
The Future of Tech-Enabled Homes
As urban living continues to evolve, smart home features will become standard in modern residences. The integration of IoT, coupled with the growing demand for open-air spaces like balconies, will shape the future of real estate. Developers are adapting to these preferences by offering more connected, safer, and efficient homes, ensuring a better living experience for homeowners.