Construction work on the new development could start in 2011

They include a new town centre, 20,000 homes, extra schools and a cemetery.

If the developer is given the go ahead, work could start within three years. However the whole project will take two decades to be fully rolled out.

The main principal of the scheme is to create a carbon neutral community. The developer also plans to improve insulation in existing homes.

The town would create a new centre for the four villages of Auchterderren, Bowhill, Cardenden and Dundonald.

Increased demand for housing in Fife has seen the villages merge in recent years but resident say the larger community has no focal point.

School expansion

Colin Anderson, from Banks Developments, said: "They don't have good facilities in terms of doctors' surgeries and pharmacies. Not in a central location.

"It doesn't have a heart. We want to bring that heart to the village," he added.

The new properties will range from affordable homes to four and five bedroom houses. They will also build sheltered housing and accommodation for retirement.

Refurbishment and expansion of the existing primary schools will also take place along with the creation of new playing fields.

A possible site has also been identified for a new cemetery.