Belfast-based Langham Limited also wants to build shops and new roads on the large site off the Culmore Road.
The size of the development had already been reduced, but some people living nearby still have reservations.
Langham confirmed that a decision on a new application to the Planning Service was pending - even though the development plan was originally drawn up in 2006.
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The company initially applied to build 283 homes made up of 142 townhouses, 100 semi-detached houses, 5 detached houses, 36 apartments and 8 shops.
Langham Ltd appealed to the Planning Appeal Commission (PAC) after failing to get a decision from the local planning office.
No decision was taken by the PAC because the developer withdrew his appeal and submitted a new application for 40 fewer dwellings and more community facilities.
The revised plan is for 243 homes including 14 detached, 154 semi-detached, 54 townhouses and 21 apartments and six commercial units. That plan was lodged in July.
The developer also agreed to give the Roads Service £1m towards the upgrade of the Culmore Road roundabout.
The residents' group distributed over 300 letters asking people to oppose the plans and claims 230 people have written to the Planning Service to object.
(BMcC/GK)
