"Time is no longer our friend for both Games preparation and development of the Indian athletes," Austin Sealy, chairman of the CGF coordination commission told a news conference.
He was speaking after a review meeting held in the capital with the organisers and other government agencies.
Sealy praised work done to finalise locations for Games venues and for approving various budgets for the Games, projected to cost around $955 million.
However, he criticised sports officials for not starting the athletes' training and over the delay in appointing professional event managers.
"Games planning...is behind schedule and must be accelerated immediately," Sealysaid.
"While the CGF remains confident of Delhi's ability and commitment to deliver an outstanding Games, progress is required on all fronts in the near-term."
Organising committee chairman Suresh Kalmadi, who also heads the Indian Olympic Association (IOA), blamed the sports ministry for a delay in releasing funds to train athletes.
Sports minister Mani Shankar Aiyer has criticised the large sums being spent on the Games which he says would be of little relevance to most people in India, where quality sports facilities are available only in big cities.
Kalmadi also blamed authorities for not doing enough to get World Anti-doping Agency (WADA) accreditation for the state-run doping laboratory in New Delhi.
Sports officials say the absence of an accredited laboratory in the country hinders tighter doping controls.