Turnkey Project

A turnkey project is a type of project that is designed so that it can be sold as a finished product to any buyer. This is contrasted with build to order, where the contractor builds an item to the exact specifications of the buyer, or where an unfinished product is sold under the expectation that it will be completed by the buyer.

The use of the Turnkey project has its roots in the building industry to refer to the day when a job is done to the last detail and the owner only has to turn the key in the door to start using the facility. HM Graphics construct the elite Turn-key Projects in India.

Turn-key project is a term usually used to refer to construction projects for which the developer assumes full responsibility from design to completion to provide the customer with the building in a ready-to-use state. Another way of describing it is as a project of real estate development defined by the contractor bearing all risk until a particular point has been reached. This point is normally the completion of the project or when the development of real estate is prepared for occupancy. Therefore, the turn-key property has purchased the property that, when the buyer occupies it, already contains furniture or other items.

Several government-owned public housing projects are turnkey projects. A private developer assumes responsibility for all the activities needed to execute the projects for these projects. Land acquisitions, plans, construction, and licenses are included in the operations. The finished structure is then sold to the housing authority.

A contract where the necessary design comes from, or is supplied by, the contractor and not the owner so that the contractor is legally responsible for the design, suitability, and execution of the work after completion. Turnkey 'is viewed as only signifying the responsibility for the design as the contractor's.

•Benefits

1. Because the contractor or developer owns the building before the completion of the project, he can only get paid upon completion of the project. And he would be encouraged to finish the job at the earliest, and effectively, to get paid.

2. Since the headache of the contractor or developer is all design decisions, novice owners are saved from having to make decisions on complex construction matters.

3. Since the owner only has to pay for the project after it is finished, he has plenty of time to find investors and to make the payment with funding.