The property and land sell-off will help to generate £3.4bn in non-fares commercial revenue by 2023 to reinvest in London’s transport.

Two-third of the land for development will lay within travel Zones 1 and 2.

TfL will be working with planning officers in local councils to maximise the amount of affordable and social housing that is delivered.

The new land-release programme is on top of TfL’s £360m growth fund, which is creating more than 50,000 homes by supporting 14 transport projects across London that unlock housing development.

The Mayor of London has pledged to have an exit strategy for all City Hall owned land by the end of his term in 2016, with 99% now freed up for development.

The London Land Commission, driven by the Mayor, will also map all land owned by public authorities in London for the first time, to identify further opportunities for house building.

Mayor Boris Johnson said: “It’s important that all key agencies work together to accelerate the rate of housebuilding across the Capital and redevelop land and assets wherever possible to deliver more homes.”

TfL is one of the largest landowners in the Capital, with assets ranging from Zone 1 locations such as London Bridge and Oxford Circus to sites in Zone 6 areas, such as Northwood.

In total, TfL owns around 5,700 acres. While much of that land remains part of the operational transport network and is not simple to develop, TfL said it was determined to work with all partners to bring forward all that it could, to respond to London’s needs in terms of infrastructure, housing and commercial and retail property.

Graeme Craig, Director of Commercial Development at TfL, said: “This next phase of development will see us working with our partners to turn those plans into reality.

“All revenue raised from the developments will be reinvested into the transport network, helping us to bear down on fares and continue to support London’s economic growth and booming population.”