The report had been submitted to the engineering consultant, established by the Government of India, last week.
"A RITES go-ahead is mandatory so that our project does not clash with others in the city," said a MCG official.
The project is expected to cost Rs. 250 crore and will be completed in two years' time.
The flyover would follow a zigzag path and bifurcate at Mahavir Chowk - one stretch would go towards Old Delhi Road and the second towards MG Road.