Justice Revati Dhere ordered that the accused, M Ansari, may be released on a surety of Rs 15,000.
The court further directed the accused to visit Dharavi Police Station every Saturday till the charge sheet was filed in the case.
The 34-year-old victim was gangraped by four persons in a car on July 22 last year.
Ansari, a journalist in a local newspaper, was arrested in this case.
His lawyers Mahesh Vaswani and Dharini Nagda argued that the accused was not involved in the incident and that he had been arrested on false charges.
According to the CDRs, the accused was not present in the area where the crime took place.
However, polygraph tests had been against the accused and hence the police had sought his custody to interrogate him.