The proposal, which is the largest council estate regeneration planning application to be submitted this year in the capital, will see 1,380 homes built, 550 of which will be affordable.
Waterloo Estate is one of a dozen sites earmarked for development as part of Havering Council and Wates Residential’s ambitious housing programme.
This will see around 3,500 new homes built in Havering over the next 12 to 15 years.
The £1bn scheme seeks to double the amount of council rented accommodation and more than double the number of affordable homes.
Havering Council’s planning committee will now assess the application and a decision is expected this summer.
Kate Ives, Development Director for Wates Residential, said: “Submitting plans for the Waterloo Estate is an exciting step forward for the ‘12 Estates’ programme, which will deliver thousands of news homes across Havering, and follows an extensive consultation with members of the local community.”