Dinesh, Please Be Careful, I've driven in Mumbai and know what you have to deal with everyday.
Keep your bike in good operating condition, as you've found out tires are very important.
Drive like it might be your last trip!
Traffic aside, increasing your speed 20-80% will gain you much less that 30 seconds, more like 10 sec. It's not worth the danger, and you will still get there at relatively the same time.
Hope you wear your helmet.