Housebuilder Barratt has acquired Guildford-based developed Squire Bridge for £25m.
A cash amount of £4.2m was paid on completion of the sale with the overall amount to be settled on receipt of detailed planning consents.
The largest site at Four Marks will produce 132 homes with the option to add a further 50 on an adjacent site.
The government this week launched compulsory energy ratings certificates for homes to help cut carbon emissions. Energy ratings from A to G, similar to consumer-friendly fridge ratings, will have to be produced for every home bought and sold as part of home information packs from next June.