Backed by Wandsworth and Lambeth councils, the extension would create a spur from Kennington serving new stations at Nine Elms and Battersea,
It is expected to act as a catalyst for jobs, investment and regeneration in the Nine Elms area.
TfL has submitted an application for a Transport and Works Act Order, kickstarting the statutory process during which individuals and organisations can make representations to Government about the proposed scheme.
This consultation period will last for seven weeks and will be followed in the autumn by a public inquiry. Ministers are expected to make a final decision by autumn 2014.
Michèle Dix, Managing Director of Planning for Transport for London, said: “Extensive public consultation has shown that the majority of local residents and businesses are behind this proposed Tube extension, which will create access to the Underground for thousands of people, as well as cutting journey times from the Battersea area to the West End and the City to about 15 minutes.”
Ravi Govindia, leader of Wandsworth Council and chair of the Nine Elms Vauxhall Partnership, said: “Bringing the Tube to Battersea has long been the ambition of this council and we are now within touching distance.
“This project is the key to unlocking Nine Elms on the South Bank’s full potential and delivering 25,000 new jobs and 16,000 new homes.”
If given the go-ahead, the project would be funded through a new £1bn loan from from the Public Works Loan Board, financed through business rates and a levy on developers.
