Travel time is one of the most preferred traffic information by a wide variety of travelers. Travel time information provided through variable message signs at the roadside could be viewed as a traffic management strategy designed to encourage drivers to take an alternate route. At the same time, it could also be viewed as a traveler information service designed to ensure that the driver has the best available information based on which they can make travel decisions. In an Intelligent Transportation Systems (ITS) context, both the Advanced Traveler Information Systems (ATIS) and the Advance Traffic Management Systems (ATMS) rely on accurate travel time prediction along arterials or freeways. In India, currently there is no permanent system of active test vehicles or license plate matching techniques to measure stream travel time in urban arterials. However, the public transit vehicles are being equipped with Global Positioning System (GPS) devices in major metropolitan cities of India for providing the bus arrival time information at bus stops. However, equipping private vehicles with GPS to enable the stream travel time measurement is difficult due to the requirement of public participation. The use of the GPS equipped buses as probe vehicles and estimating the stream travel time is a possible solution to this problem. The use of public transit as probes for travel time estimation offers advantages like frequent trips during peak hours, wide range network coverage, etc. However, the travel time characteristics of public transit buses are influenced by the transit characteristics like frequent acceleration, deceleration and stops due to bus stops besides their physical characteristics. Also, the sample size of public transit is less when compared to the total vehicle population. Thus mapping the bus travel time to stream travel time is a real challenge and this difficulty is more complex in traffic conditions like in India with its heterogeneity and lack of lane di...