The company is set to build up to 150 new homes on a seven-hectare site at Station Road in West Rainton.
As part of the project, improvements will be made to the West Rainton and Pittington Lane junctions of the A690, with Durham County Council installing new traffic signalling and a new pedestrian crossing expected to be complete by the summer.
The West Rainton site, which already has been granted detailed planning permission, will see 120 three-to-five bedroomed family homes being built, as well as an allocation of 30 affordable homes, which will include two and three bedroomed houses and two-bedroomed bungalows.
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The scheme includes a new community hub, a play area, new landscaped areas and new areas of public open space will also be developed.
Banks Homes expects to be working on site by the autumn, with a view to the first of the new homes being available to buy in early 2024.
Russ Hall, managing director at Banks Homes, said: "The West Rainton site offers us the opportunity to start working at scale quickly and we’re excited to be announcing our plans for delivering this high quality, low density development in our home county.
"We know that the planned improvements to the A690 junctions are a real priority for the local community and they are also an essential part of the realisation of this project."
