Barking Riverside Gateways was among the 11 new housing zones announced by the mayor of London Boris Johnson on 10 March.
It is set to provide 1,902 new units and is the second housing zone identified in the borough, after Barking town centre.
Housing zones are areas designated to stimulate and speed up house building, regeneration of brownfield sites and development of supporting infrastructure through a range of planning and financial measures.
An additional £200 million has been invested by the mayor for the 11 new zones, which will provide 24,554 new homes.
London has now 31 housing zones, for which £600 million in funding has been made available, estimated to deliver 77,000 new properties, 34% of which affordable, and create 150,000 jobs over the next 10 years.
The City of London Corporation is about to buy Barking Power Station site in east London for around £125 million, according to Property Week.
A £25 million grant for Barking and Dagenham Council will help it support new housebuilding over the next four years.
Councillor Darren Rodwell, the leader of Barking and Dagenham Council, has welcomed the decision to approve the proposed Beam Park…