The £6.6 million road between Gartcosh Business Park and Glenboig is being delivered as part of the £1.13 billion Glasgow City Region City Deal.

Proponents of the project said the road will facilitate the delivery of up to 3,300 new homes over the next 20 years and generate £250m of private sector housing investment.

Over £64m Gross Value Added (GVA) and 1,400 construction jobs will also be created within North Lanarkshire thanks to the investment.

Welcoming the approval of the full business case by the Glasgow City Region City Deal cabinet, Councillor Paul Kelly, depute leader of North Lanarkshire, said: “This is fantastic news for the people and businesses of North Lanarkshire. This significant investment means hundreds of millions of pounds of benefits and once again signals that North Lanarkshire is a great place to do business.

“We are ambitious for business in North Lanarkshire and the completion of this link road will be a massive step forward for the Community Growth Area.”

Councillor Allan Graham, convener of regeneration for the council, said: “Investment in infrastructure is vital for our economic future. We know that this development will be sustainable because it will provide direct access to Gartcosh station, meaning that people will have better transport choices. It will also facilitate better walking and cycling routes.”

The Gartcosh/Glenboig Community Growth Area (CGA) was one of 13 CGAs identified across the Glasgow City Region a number of years ago to address a housing shortfall.

Councillor Kelly added: “Community growth areas continue to be a major component of the long-term economic strategy for the region. The completion of this project will support our aspirations and deliver substantial economic and social benefits.”

The project will start in November, with completion expected in the summer of 2017.