The project, envisaging setting up of some 5,000 CCTV cameras, had been announced in the wake of the 26/11 terror strike in 2008.
"Let us not play with the life of the common man," Walse Patil said.
He said that members from agencies like the Central Vigilance Commission, Central Bureau of Investigation or Comptroller Auditor General of India could be included in the project committee, to ensure that the project gets completed within 3-4 months.
"The state government is considering implementing the CCTV installation project in a phased manner," he said.
The need of CCTV cameras was felt when there was lack of visual and material evidence for the Mumbai police to identify the locations of terrorists during the attack.
"Some 5,000 CCTVs were to be installed in Mumbai after the 26/11 terror attacks but the project is yet to be completed," Fadnavis said.