The £100m regeneration will involve the demolition of the existing estate, which was built in the late 1960s.
The developers also gained detailed planning consent for the first phase of the project, which includes 108 new homes, allowing work to begin in autumn.
The existing estate is owned by Barnet Council and comprises two- and three-storey houses and five-storey blocks of flats and maisonettes.
Under the new designs, drawn up by Alison Brooks Architects and HTA Architects, half of the homes would be traditional houses with gardens, and all the properties would meet level four of the code for sustainable homes.
Richard Cherry, Deputy Chairman, Countryside Properties said: “We are delighted that the Council has given the go ahead for our master plan and detailed planning for Phase 1.
The regeneration will create a sustainable development of a 21st Century suburb which will bring great benefits to the wider community of Chipping Barnet. We are particular pleased that residents will shortly see work start on site.”