The author, who has sold more than 20m copies of his No 1 Ladies Detective Agency series, will begin uploading the episodes on from Monday September 15, continuing for 20 weeks until February 13 next year.
A daily podcast of each episode, narrated by Andrew Sachs, will also be available on the website.
Readers are invited to get involved in the creative process by posting comments and suggestions for McCall Smith .
The book is to be sold as a hardback, published by Polygon, in July 2009, and as an audio book published by Little Brown Book Group at the same time. A paperback copy will not be available until 2010.
McCall Smith's latest work of fiction is set in London and depicts the lives of the various inhabitants of a large Pimlico house.
Telegraph Media Group, Little Brown Book Group and Polygon are working closely together on the promotion of the series.
Edward Roussel, digital editor at Telegraph Media Group, said: "This is a great opportunity for Telegraph.co.uk readers to actively engage in the creation of a novel by a leading author.
"The project is part of a series of initiatives that are putting Telegraph.co.uk at the cutting edge of digital media."
McCall Smith has published more than 60 books, including The No. 1 Ladies' Detective Agency, which was made into a film for BBC One this year, produced by the late Anthony Minghella.
McCall Smith said: "Over the last five years I have come to realise how enjoyable it is to write a daily serial novel for a newspaper. I am particularly pleased to be starting a new one for the Telegraph website.
"Corduroy Mansions will be written as it is published, giving readers the opportunity to influence what happens in the story. I can't wait to begin."
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