Last week the ET reported that Cottingham landowner Bill Kiff planned to submit a scheme for the homes to Corby Council.
Mr Kiff wants to build houses worth from £200,000 to £550,000 on his land behind Cottingham Hall.
He has also earmarked 20 per cent of the site for affordable housing or shared ownership properties.
Suzanne Jefferson, of Ripley Road, said: "If there's going to be some low- cost housing or shared ownership for people connected with the village then I think there is a need.
"But if people with that kind of money move in they tend to commute and it then becomes a commuter village and loses its identity."
Half-a-million pounds will be spent on improving infrastructure in the village and neighbouring Middleton if the project goes ahead.
Maggie Silcock, of Berryfield Road, Cottingham, said: "I know that Bill wants to make some money and I can see there will be benefits for the village."
If the plans are approved Mr Kiff will donate £300,000 for a new village hall in Cottingham. Villagers in Middleton would also receive £150,000 to put towards a community facility.
Another £20,000 would be made available for traffic-calming measures, while St Mary Magdalene Church, in Cottingham, would get £20,000 for repairs and Cottingham Methodist Church would receive £10,000.
Cottingham Parish Council said it would not comment until a planning application had been submitted.
Mr Kiff, who has written to all 600 residents in both villages, said: "So far all the comments have been positive."