"I will vehemently oppose the project. It does not matter whose pet project it is," Chavan told reporters at Vidhan Bhawan.
The former Union Minister was asked about the bullet train project, which is to be initially introduced on the busy Mumbai-Ahmedabad rail route.
"Do we really need to spend Rs one lakh crore (estimated cost) for such a project? This money could and should be used to help drought-affected people in Maharashtra," Chavan said.
The entity has been named the National High Speed Rail Corporation Ltd. The bullet train is expected to cover the 508km Mumbai-Ahmedabad distance in about two hours, running at a maximum speed of 350kmph and operating speed of 320kmph.
The project is facing opposition from other quarters also.
RJD chief and former Railway minister Lalu Prasad had last year asked Prime Minister Narendra Modi to explain "the rationale behind pursuing an initiative that would cost close to Rs 1 lakh crore in a poor country like India.