The bidding process is expected to be completed and the project awarded by May-end or June.
The new link would cut the over one-hour travel time between the two places by half.
"The 9.3-km sea link will be built on a public private partnership basis and the project is to be completed in five years," said a senior MSRDC official.
Together with the connectors planned at Versova and Juhu Koliwada the length of this roadway goes up to 16 km. There is scope for one more connector at Carter Road.
The sea link will have eight lanes, whereas the Versova connector would have six and the Juhu Koliwada connector just four lanes.
The cost of the project has escalated from Rs4,045 crore in 2012 to Rs4,340 crore 2013 and today it is estimated at Rs5,975 crore.
It is proposed to charge a toll of between Rs150 and Rs200.
The Versova-Bandra sea link that will be an extension of the Worli-Bandra link will be constructed at a distance of 900 metres into the sea.
The sea link will have a cable-stayed portion, about 150 metres long, to allow the passage of boats, particularly fishing trawlers. It will also have cantilever spans of 100 metres at Chimbai, Khar Danda and Juhu Koliwada.
The sea link was cleared by the Ministry of Environment and Forests in January 2013 and the Cabinet sub-committee on infrastructure gave the go-ahead on January 15 2014.
Critics say projects like the sea link would promote ownership of private cars which would increase traffic congestion and the authorities should instead focus on mass transit systems.