The development designed by Glenn Howells Architects will be built on a vacant four-acre site in the Royal Borough of Greenwich and will deliver 619 new homes across eight buildings.
The new homes will be a mixture of one, two and three-bedroom properties with 50% affordable.
Other proposals for the site will improve and provide new amenities for the community, such as an improved transport hub and a new village square.
Plans also provide for 2,200 sq. m of non-residential space which will be a mixture of a new nursery, retail and commercial space.
Construction is expected to begin in 2020 and create hundreds of jobs.
Graeme Craig, Director of Commercial Development at TfL, said: “Kidbrooke offers us a great opportunity to deliver homes the capital desperately needs and we are delighted to have been given the green light to take our proposals forward with Notting Hill Genesis.
“The development will also generate vital revenue to reinvest into the transport network.”
John Hughes, group director of development at Notting Hill Genesis, said:“Our vision is to create a high-quality, mixed-use development which completes the new local centre at Kidbrooke and contributes positively to the regeneration of the area for the benefit of the whole community.”
The site forms part of TfL’s wider housing programme which has an ambitious target to start on TfL sites with capacity for 10,000 homes by March 2021.
Construction has already started on more than 740 homes as the programme continues to build momentum, with up to 1,000 homes expected to be started on site by the end of this financial year and the majority of schemes expected to start in 2020/21.