Mumbaikars will have some relief from the growing traffic snarls and crowded local trains.

In two years, they will be able to take the waterway, forking out Rs 70 for a 45-minute journey between the city's commercial centre Nariman Point and its suburbs in Borivali, while enjoying the Arabian sea breeze.

The high power committee chaired by Maharashtra chief secretary Johnny Joseph, in a meeting on Thursday, has finalised the bidding criteria for the ambitious passenger water transport project along the western coast of Mumbai.

The project will be implemented on a build, own, operate and transfer basis for a concession of 30 years, and will pan out in a phased manner. In the first phase, the service will be available between Nariman Point and Borivali, with six stops at Borivali, Marve, Versova, Juhu, Bandra and Nariman Point.

"The cost of the project (phase one) is Rs 700 crore (Rs 7 billion). The viability gap will be met by the government through its resources or by MMRDA," said Satish M Gavai, vice-chairman & managing director, Maharashtra State Road Development Corporation Limited.

The bids for the first phase will be floated by August-end. The work is expected to begin by December-end and end in two years, he added.

MSRDC plans to use hovercrafts initially till the catamarans are brought in. The capacity of the hovercrafts will be a minimum of 200 seats.

The service will be in operation at least 300 days in a year with around 30 trips per day with a frequency of 15 minutes during peak hours and 30 minutes during non-peak hours.

Passengers will have to shell out Rs 2 per km, which implies that a ride from Nariman point to Borivali will cost between Rs 70 and Rs 80 since the distance between Nariman point and Borivali is estimated to be 35 to 40 km.