Opposition from residents and environmentalists for Coastal Road seems to be the reason behind the move
Links:
[1] http://admin.indiaenvironmentportal.org.in/news/government-revive-versova-bandra-sea-link-project
[2] http://admin.indiaenvironmentportal.org.in/category/newspaper/daily-news-analysis-mumbai
[3] http://admin.indiaenvironmentportal.org.in/category/thesaurus/maharashtra
[4] http://admin.indiaenvironmentportal.org.in/category/thesaurus/mumbai
[5] http://admin.indiaenvironmentportal.org.in/category/thesaurus/coastal-regulations
[6] http://admin.indiaenvironmentportal.org.in/category/thesaurus/crz-clearance-coastal-clearance
[7] http://admin.indiaenvironmentportal.org.in/thesaurus/environment-clearance-ec
[8] http://admin.indiaenvironmentportal.org.in/category/thesaurus/environmentalists
[9] http://admin.indiaenvironmentportal.org.in/category/thesaurus/national-green-trbunal-ngt
[10] http://admin.indiaenvironmentportal.org.in/category/thesaurus/environment-impact-assessment-eia
[11] http://admin.indiaenvironmentportal.org.in/category/thesaurus/environment