The £6.4 million scheme will be channeled through housing associations over the next four years.
Eight sites have already been identified for development in the area, with the homes scheduled to be completed in 2020/21.
Features of the approved strategy include:
• Introduce a widening of the Enhanced Enforcement Area so housing officers will have additional powers to tackle poor landlord practice across 18 Govanhill tenement blocks.
• Extend the successful Acquisition and Repairs Programme to bring up to 350 additional homes into the ownership of Govanhill Housing Association
• Use compulsory purchase powers where ever necessary
• Create a new Social Lettings Agency to allow the local housing association to manage private-rented property in Govanhill
• Ensure factors are appointed for all properties in the extended 18 block area.
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• Continue to address poor maintenance of private property by using a range of enforcement tools
• Engage with residents to ensure the community is fully involved in developing plans for the area
The council will spend £20m on existing housing in Govanhill, which includes £14m to support an extension of the Acquisition and Repairs Programme that has already seen Govanhill Housing Association take ownership of 124 flats in 'the four blocks' area.
This £14m would combine with Scottish Government funding to create a £34m financial package intended to purchase and repair a further 350 homes for Govanhill Housing Association. A further £3.7m has been allocated to new housing and repairs for the duration of the four-year period.
Overall, £44m will be invested in housing across the area over the next four years.
Cllr George Redmond said: "This is an impressive document and points to the way ahead in Govanhill. Significant sums are being invested in Govanhill and it is great news that part of that money will go towards new housing.
"The council has been working exceptionally hard to turn things around in Govanhill and we are starting to see real progress being made. Building on the success of council-inspired initiatives such as the Acquisition Programme and Enhanced Enforcement Area is the right approach. Extending these programmes will ensure greatly improved property management practices across the wider Govanhill area.
"We are keen to work with all property owners in Govanhill so the area can fulfil its obvious potential. Where owners refuse to get on board with our plans, we will use our powers of compulsory purchase against them. No-one should be in any doubt about our long-term commitment to Govanhill."
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