Smart houses are on trend, but did you know they can also save you money?

When looking for ways to save money, you might not think to look into smart housing technology. In the past, the term “smart home” conjured up images of expensive home improvements and high-tech gadgets. However, these systems are becoming increasingly affordable and are likely to save you money in the long-run.

Smart housing technology can be used to provide accurate, real-time information about utility usage, enabling consumers to keep on track of their payments on a daily basis and adjust their consumption accordingly. One budget-hotel chain, Chototel, is using this technology to enable guests to pay only for the utilities they consume during their stay, as opposed to charging everyone a standard rate. Each room at Chototel is fitted with microbots, which transmits data about utility usage real-time to an app. 

Using this smart housing solution, guests can monitor their utility usage real-time and make payments on a consumption basis via their smart phones. How does this technology affect the price of a night’s stay? At Chototel, daily rates start at just $2, with guests paying their utilities on a pay-per-use basis. So, if you are efficient with your energy, hotel accommodation has just became a lot more affordable.  

India ‘super-budget’ hotel in $5m London fund-raiser

An India-born entrepreneur was on Monday tapping London’s ethical investment market for $5 million (£3.8 million) to fund a new “super-budget” hotel concept which she plans to bring to the UK.

Rhea Silva is listing her company Chototel — named after “chotu”, the Hindi for small - on the Social Stock Exchange to raise funds for a hotel already under construction near Mumbai and a second forthcoming project in Pune.

The Mumbai hotel is planning to charge as little as $2 a day, split between up to four residents in each of the compact 250 rooms featuring mini bathrooms and kitchenettes.

Chototel is chaired by Chris Phillips, the chairman of Places for People, one of the UK’s largest property managers and developers. 

Silva, who hopes to take the concept to the Middle East and the UK if it proves successful, said: “Housing poverty exists here, it’s just camouflaged in different ways. You might not find as many homeless people on the road, but there are still young professionals spending 50% of their income on housing. The whole real-estate sector needs innovation.”

Chototel becomes the 40th company to list on the Social Stock Exchange, which was set up in 2013 and focuses on firms that deliver social and  environmental impact as well as financial returns for investors.