The homes are planned to be for social or mid-market rent and it is hoped they will all be completed by 2021.
Glasgow City Council's executive committee also approved £20m to improve existing housing.
Of this, £14m was announced last month as part of scheme to upgrade homes and make them available for social renting.
The £34m four-year improvement and repair scheme is also being funded with £20m from the Scottish government.
The funding to build homes is to be channelled through housing associations over the next four years.
Eight sites in the area have been identified for development.
As part of the strategy, Govanhill Housing Association has also committed £3.7m to new housing and repairs for the duration of the four year period.
Overall this means there are plans to invest more than £44m in housing in Govanhill over the next four years.
Councillor George Redmond: "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."
He said that while the council was keen to work with all property owners in Govanhill, he warned the council would use power of compulsory purchase against those who refused to get on board with the plans.
About 350 homes are to be built in the Govanhill area of Glasgow under a £6.4m council initiative to help "turn the area around".