The project, with an estimated cost of around Rs 5,385 crore, involves construction of four elevated (sets of two each) roads, upgrading part of existing Expressway and four tunnels bypassing Khandala and Lonavala hill stations.
In October, MSRDC had floated tenders for the same project, but later called them back and made changes.
Now, a new Detailed Project Report (DPR) has been finalised with alterations to the earlier construction plans.
Earlier the cost of the project was estimated at around Rs 3,350 crore, but now it has increased to Rs 5,385 crore.
Although the project completion time-frame has been set at three years, environmental approvals are yet to come in.
"The project will be implemented on Engineering, Procurement and Construction basis, wherein MSRDC will bear the cost of the project and collect toll from motorists," a state official said.