The work on the new two, three and four bedroom homes is being undertaken by Taylor Wimpey West Scotland and Barratt Homes West Scotland
It will also include a small neighbourhood retail centre together with associated infrastructure, enhanced landscaping and a central village green and play park.
Taylor Wimpey will construct new homes within the west parcel of its next development first, which will consist of 106 new homes, thereafter work will follow on the east parcel of land to provide around 242 new homes.
David Blair, managing director for Taylor Wimpey West Scotland, said: “We are very pleased to have acquired further land as part of our ongoing commitment to the delivery of more homes.
"This is a flagship development for our business, which cements our commitment to the wider North Lanarkshire area, and our pre- construction work within phase two is already underway.”
Barratt will be delivering 290 new homes from both its Barratt Homes and David Wilson Homes brands.
David Scott, managing director at Barratt Homes West Scotland, said: “We’re extremely pleased to be starting on site at Torrance Park which will not only deliver fantastic family housing in an attractive and location but will also make a timely contribution to the local economy.
"As a North Lanarkshire based company, this development underlines our continuing commitment to building in the area.
As part of a Section 75 legal agreement with North Lanarkshire Council, both developers will be making financial contributions of over £3.2million towards meeting local primary and secondary education requirements.
The deal also includes provision of new footpath links providing pedestrian access to the centre of Holytown.
Des Murray, chief executive of North Lanarkshire Council said: “This new phase of Torrance Park is an exciting new development for Holytown and fits with the council’s ambitious plan to create vibrant communities across North Lanarkshire. This site is helping to drive economic regeneration and growth investment.”