Turnkey (or turn-key) project is a term typically used with reference to construction projects for which the developer undertakes the whole responsibility from design to completion so that the building is available to the buyer in a ready-to-use condition. Another way to define it is as a real estate development project characterized by the builder absorbing all risk until a specific point has been reached. This point is generally the culmination of the project or when the real estate construction is ready for occupancy. Thus, turn key property is purchased property that already contains furnishings or other objects when the buyer occupies it.
A lot of public housing projects owned by the government are turnkey projects. For these projects, a private developer takes up responsibility for all activities required to perform the projects. The activities include land purchases, plans, construction and permits. He then sells the completed structure to the housing authority.
