Developers Crest Nicholson, A2Dominion, Taylor Wimpey and Persimmon have pledged to fund the work after winning outline planning from Reigate & Banstead Borough Council.
The major new community of 1,510 homes will be built on land at Meath Green, north west Horley.
The project also includes a new primary school, community Hall, pub, medical centre and two new access roads linking the development to the A23 and A217.
Preliminary work is due to start on site in the Spring and, subject to the granting of detailed consent, the development will be built in four phases, taking 10 years to complete.
Over £10m of infrastructure will be delivered jointly by the developers, along with an extra £30m paid to the Borough and County Councils for significant investment in highways, public transport, education, leisure and recreation and community infrastructure and service improvements.
Stephen Stone, chief executive of Crest Nicholson, said: “We have spent a long time working in partnership with the local authority to ensure that the plans genuinely enhance the existing locality, and that we are not only building a mix of new homes, but also implementing the necessary infrastructure to cultivate and support a new and thriving neighbourhood.
“With an estimated gross development value of circa £450m, this site will deliver a very real boost to the Horley area, and the scale of the site makes it a significant addition to the local housing market.
