The site, which will be known as Woodlands Rest, will comprise a selection of two, three, four and five-bedroom homes on land west of Shefford Road, at the northern edge of the village.
As well as 145 new homes, of which 51 will be provided as affordable housing, the development will include public open space and a play area.
Simon Tyler, sales director for Davidsons Homes South Midlands, said: “Work at Woodlands Rest is now underway, and we are hoping to release the first homes for sale at the development in the spring.
“The site represents a prime location for new housing, offering an attractive rural setting on the edge of Meppershall which is within commuting distance of several large towns, including Bedford, Milton Keynes, Luton and Stevenage.
“Residents at Woodlands Rest will also be able to travel from home to Central London in around an hour by catching direct a train from Stevenage railway station.
“We have a proud history of providing high-quality homes and creating new communities in desirable locations across the Midlands. As with our other developments in the region, Woodlands Rest will be a seamless extension to Meppershall, featuring houses designed to reflect the existing character of the village.
“We hope to complete the first homes at Woodlands Rest and to start welcoming residents to this new neighbourhood by autumn.”
In line with planning agreements for Woodlands Rest, Davidsons Homes will be contributing more than £1.8 million to sustain and improve local services and infrastructure.
More than £1.7 million of the funding will go towards education, including £614,218 for upper schools, £500,857 towards middle schools, £497,750 for lower schools and a further £149,325 towards early years learning.
Davidsons Homes will also pay £85,000 for play equipment and further £7,920 towards waste collection.
Davidsons Homes South Midlands is currently building new homes across Warwickshire, Buckinghamshire, Northamptonshire and Leicestershire.
For more information about the homes available, please visit www.davidsonshomes.co.uk