The funding will allow more than 2,500 homes to built, including 294 affordable homes delivered within the CGA site and another 294 affordable homes at an off-site location.
New primary school, Jackton, will be built in the area with an extension also being delivered at Our Lady of Lourdes Primary School.
Work will also be done to Calderglen Secondary School and at St Andrews and St Brides Secondary school to help with the number of people moving into the area as part of the CGA.
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Improvements will be made to local roads in the area, to the park and ride at Hairmyres Rail Station and to cycle networks.
The initial infrastructure investment in the CGA will be £34m with £11.6m coming from City Deal funding.
Leader of South Lanarkshire Council, John Ross, said: "A project of this scale is wonderful news for East Kilbride.
"It shows a joined up approach to thinking about the best way to deliver homes and all the other necessary infrastructure for people to come and live in the area.
"We believe as many as 8,500 residents could move into the Community Growth Area, living in new, high quality, affordable homes, which includes social housing.
"This will bring massive opportunities for the local economy, by creating new jobs, supporting unemployed people into work, leveraging private sector investment and spreading the benefits of economic growth."
The outline business case for the East Kilbride CGA will now go to the City Deal cabinet for approval.
(CM/CD)
