What is a Turnkey Housing Project and How can it Benefit the Buyers?

Turkey Projects - Zess Consultancy Lucknow

The word ‘turnkey’ refers to anything, which is complete and all set for use. In the real estate domain, this term applies to project development. Yes, if a construction company unleashes a ready to use project, it is a turnkey project. Among its important traits, include:

  • Designed with modern architecture in mind, 
  • Developed through adept civil engineering efforts, 
  • Well-equipped with all requisite amenities as mentioned in the contract

It could be a residential project, a commercial project, or even an industrial project. The contractor takes complete responsibility for the project from design to fabrication, installation to technical services, and aftermarket support. It should deliver the product within the time and price committed in the contract.

Approaching the best construction consultancy in Lucknow

In case of a residence, you get fully furnished property, which you can buy or rent straightaway. All you need is to “turn the key” to your new house and get inside. With a whale of construction opportunities scattered across the capital city of UP, India, seeking help from the best construction consultancy would be a good decision for wise investments. To get hold of one such instant project, approaching a seasoned construction consultancy in Lucknow would hence be worthwhile.

Steps to deliver a turnkey project

The completion of a turnkey property accompanies various critical stages:

Step 1: Project Definition 

In this initial step, your construction company in Lucknow will create a turnkey contract consisting of a plan of action depending on the buyer’s requirements.

Step 2: Emphasis on design

This phase involves designing the project depending on several details like work scope, specifications, project documentation and delivery, supplier and vendor selection, etc. The project starts after fixing the terms and conditions of both the parties – the buyer and the project manager.

Step 3: The Construction begins

The contractor starts working on the project construction immediately after the fulfillment of all the formalities. The manager finalizes the processes and operations involved in the manufacturing of the project.

Step 4: Project delivery

As the final step of the project, the project manager ensures satisfactory consummation of the turnkey project on behalf of the contractor while adhering to the requisite standards. The contractor hands over the property to the owner next.


What clauses should a turnkey contract include?

While chalking out the contract for a turnkey project, the property owner and the contractor should agree to include information under several crucial classes, these include:

  • Successful Project design
  • Location of construction and the available resources
  • Duration for Project accomplishment
  • Transparency on payment terms 
  • Release of payment on the mutually agreed project milestones
  • Commitment to fulfill the promise in every stage
  • Abide by the legal standards  


Advantages of opting for a turnkey project

Opting for a turnkey project would be an ideal decision if you are about to invest in real estate or want to buy a home for yourself. It sets you free from the hectic procedures required to buy and remodel your home. 

It is however essential to make sure that the turnkey property in which you are investing, abides by your stipulated needs. Here are more advantages of investing in any such ready to use housing property.

Transparency: Turnkey leads to increased financial transparency, which makes it easier for homeowners to calculate Return on Investment (ROI). The final cost of buying the property is also predictable.

Reduced cost overruns: A turnkey project considers all the design related matters and the cost incurred to incorporate them. This helps in identifying the cost overruns, well before the construction work begins. This in turn reduces the design issues emerging later on appreciably. 

Untouched with price fluctuations: The contractors start working on the turnkey project only deciding on a mutually total cost of the project. Any change in the prices of materials, cost incurred in deploying additional labor, or any other factor will not affect the price mentioned in the contract.

Timely project completion: With a single construction agency supervising the entire project, its distinct phases are likely to coincide. This will speed up the project, minimize delays, and ensure timely delivery of the project.
 

Points to consider

Turnkey Projects - Zess consultancy

Several ingrained technicalities are indispensable to take care of while investing in a turnkey project.

Fully defined scope: The scope of the projects should be well-defined well before the establishment of feasibility analysis. There should be no additional element or revision later on.


Confidence in the contractor: To make your turnkey project a success, make sure you approach a trustworthy contractor. The concerned construction company in Lucknow should be able to abide by your specific vision, financial constraints, construction requirements, and engineering goals. It should also be able to approach the best architects, civil engineers, surveyors, and other industry experts for the success of the project.


Cost certainty: There should be no ifs and buts regarding the cost of the turnkey project after the signing of the contract. This eliminates the scope for additional expenditures and allows adequate evaluation of the ROI. 

All these points are worth considering when looking for a contractor to help you get a well-furnished turnkey project. Approaching Zess Consultancy, a renowned construction consultancy services provider based in Lucknow would be worthwhile in this regard.


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