The project, which has been in the making for five years, includes a 550-metre twin tunnel (the first such in urban India) and a 9.29 km elevated road which is the second longest in urban settlement anywhere in the country.
Chavan, who was accompanied by his deputy Ajit Pawar, stressed that if the maximum city were to achieve its ambition of becoming a financial capital, it should have projects of global standards like the Freeway.
The Freeway will reduce the time taken for the travel from the suburb of Chembur in north east Mumbai to South Mumbai to around 20 minutes from the present one hour or more.
Vehicles need not pay any toll charges for using the Rs 980 crore-road, and traffic on the road is expected to be thrown open starting from Saturday.
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Two wheelers and three wheelers will also not be allowed on the road.
Chavan, whose administration has been under attack for delaying the inauguration of the project, sought to dispel such notions saying it got pushed due to the non-completion of work.
"Some blasting work was on in the tunnel and we could not risk throwing it open. We are also yet to complete the final phase of the project which will connect Panjrapol in Chembur with Ghatkopar, but decided to start the completed stretch now considering the balance of convenience," he said.