Nearly 100 people have signed up to the initiative, which covers the Bowbrook Meadows and Darwin's Walk area north of Radbrook.
The scheme aims to reduce the rate of crime by offering advice to residents and implementing various crime prevention methods.
It comes after homeowners reported a number of incidents this year, including jewellery being stolen from a car, trespassers trying to open doors and a BMW being stolen from a drive.
According to police figures, there were 42 crimes reported in the area throughout July this year, 79 in June and 86 in May.
This compares to 56 in July last year, 46 in June and 57 in May.
A letter sent to residents said: "You may be aware that over the last couple of months, there has been a number of acquisitive crimes on the estate.
"As a response to this, a Neighbourhood Watch for Bowbrook Meadows and Darwin's Walk has been set up by local residents. The purpose of this scheme is to make the estate a tougher target for criminals.
"We aim to do this by raising awareness and implementing crime prevention tactics. We hope this will reduce crime and make the estate a better place for all residents.
"The scheme is nearly at 100 members and is continuing to grow."
The letter adds that the scheme is "in the process of implementing different crime prevention tactics".
One Bowbrook resident who joined the initiative said: "I've noticed an increase of crime on the estate.
"Lowlifes always seem to be trying car and house doors. Our neighbours have helped us set up some CCTV cameras because of it all.
"We've signed up to this Neighbourhood Watch and we're excited to get involved."
The area comes under West Mercia Police's Shrewsbury Rural North and District boundary, which has seen a 26 per cent rise in reported crime from July 2019 to June 2020.
The majority of crime, 38 per cent, relates to anti-social behaviour, followed by 30 per cent coming under violence and sexual offences.
Neighbourhood Watch is the largest voluntary crime prevention movement covering England and Wales and is supported by the Home Office.
It has more than 2.3 million members and aims to bring neighbours together to use crime prevention methods in efforts to create a safer community.