Transport for London (TfL) has announced plans to release more than 300 acres of land to help create 10,000 new homes across London.

67% of the development will be in travel zones 1 and 2 as TfL looks to generate £3.4bn in non-fares commercial revenue by 2023.

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

The Mayor of London, Boris Johnson, said TfL’s plans would build on the City Hall’s efforts to ensure brownfield land that has laid empty for years is put to productive use.

“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,” said Boris.

Graeme Craig, Director of Commercial Development at TfL, said the government body responsible for most of London’s transport system was determined to use the assets to help create more homes and jobs.

“As the custodians of some of the best assets in the capital, it is right that we explore every opportunity to maximise the use of our land,” said Graeme.

“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.”

Francis Salway, Chairman of TfL’s Property Advisory Group, added that TfL had a substantial long term programme to deliver development opportunities around transport nodes.

“It is absolutely the right thing for it as a public organisation to utilise its assets to deliver the vital homes, offices and retail that will not only create jobs, but deliver revenue for it to reinvest in its network,” said Francis.

“This is an exciting time and I'm delighted to be working with them to deliver for Londoners.”

Baroness Jo Valentine, Chief Executive of London First, concluded: “This is good news, which will raise funds to improve London's transport infrastructure, while also helping deal with the shortage of housing and office space in central London.”