Developers say a land deal has been agreed to build more than 500 new homes off Leicester Road in Melton.
Bellway is looking to build a mix of one, two, three and four-bedroom homes at the planned new development, which will be called Roman Gate.
Melton Borough Council approved an outline planning application for the construction of up to 520 dwellings at the site in 2016.
The developers have put forward detailed plans to build 326 homes at the site, submitting proposals for 266 homes on land south of Leicester Road and a further 60 on an adjoining piece of land to the west.
Sales director for Bellway East Midlands, Carolyne Watkinson, said: “There is a clear need for new homes in Melton Mowbray and this proposed new development would meet the high demand for housing in the local area.
“The homes we’ve planned as part of the development will appeal to a wide variety of potential buyers, with a range of house types all built to a high specification.
“We’re expecting a great deal of interest here, as the new homes will enjoy a convenient and delightful location, with easy access to Melton Mowbray and Leicester, as well as picturesque countryside on the doorstep.”
The developers have pledged to contribute £4.5 million towards road maintenance and construction, more than £530,000 towards education in the town, £500,000 towards sustainable transport services and over £176,000 to the police service.