Plans for 2,450 homes near Bierton have been given planning permission - more than a year after a council committee backed the development.
Following the completion of complicated legal agreements, Barratt Homes has been given outline planning permission for the scheme.
Finer details of the development still need to be worked out before builders start building homes.
Councillors at Aylesbury Vale District Council gave approval to the scheme more than a year ago and Barratt’s managing director Brendon O’Neill said they were ‘delighted’ to finally come to an agreement.
Mr O’Neill said: “This is good news for the town and a first step towards providing much needed affordable homes of quality and a series of infrastructure improvements to the area.”
The development will include a link road from the A418 to the A41, although funding for all of this is yet to be secured. There will also be improvements to the Stocklake link road.
The scheme’s approval means there are now around 8,000 unbuilt homes in Aylesbury Vale that have planning permission.
It comes as Labour leader Ed Miliband announced plans to deal with developers who are ‘hoarding’ land without building on it.
In a speech in Stevenage, Mr Miliband said: “The next Labour government will give councils powers to charge fees or, if necessary, purchase such land, so that developers have an incentive to do what they went into business to do.
“We will back homebuilders. But we will tell land hoarders with sites that have planning permission that they must use it or lose it.”
Reacting to the proposals, Vale planning boss John Byrne said: “Anything that helping brings schemes forward has obviously got to be worth looking at.
“But we would rather work collaboratively with developers.
“The issue is as much to do with things like mortgage availability as things like ‘land hoarding’.”