A turnkey project refers to a fully completed and ready-to-use project in the real estate industry. It is a project that is meticulously planned, constructed, and equipped with all necessary facilities by a company, as per the contractual agreement. Once these projects are finished, they are handed over to the owner for immediate use.
The company responsible for the turnkey project undertakes the entire project at an agreed-upon cost. Their operations encompass various aspects such as design, production, installation, post-installation maintenance, and technical support.
In a turnkey project, every stage of the project is efficiently managed by a single company, acting as the contractor, in accordance with the terms of a single contract. This includes everything from construction to intricate engineering and manufacturing processes.