Elgin-based contractor Robertson Northern built the 19 energy efficient properties in Dufftown.
It is understood they are the first new housing to be delivered in Speyside for a generation.
The brownfield site previously contained a cooperage and an auction mart.
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It was purchased by Moray Council in 2014 to help meet demand for low-cost housing in the area.
Cllr George Alexnder said: "Moray Council is committed to building affordable housing in all our communities.
"This investment in Dufftown is one of many affordable homes projects to come to Moray, and will give some relief to the housing shortage in Speyside.
"These homes will be economic in energy terms which should help reduce fuel poverty, and will have turned an ugly industrial site into a pleasant development.
"It pleases me no end to have them ready in time for a spring handover."
The project is part of the local authorities plans to build 500 new homes across Moray over the next decade.
(LM/CD)
