A method for increasing accuracy in estimating average time taken to travel through a chosen road segment, the method comprising a road traffic sensing system collecting data corresponding to one or more vehicles travelling through road segments, thereby enabling determination of time taken by one or more vehicles to travel through the road segments; at least one processor identifying one or more correlated road segments for which time taken to travel through the correlated road segments is correlated with the time taken to travel through the chosen road segment; the processor identifying one or more preferred road segments among the correlated road segments that increases the accuracy in determining the average time taken to travel through the chosen road segment; and the processor estimating the average time taken to travel through the chosen road segment using, data corresponding to time taken to travel through, the preferred road segments and the chosen road segment; characterized in that identifying the preferred road segments comprises: identify the correlated road segments which comprise exclusive vehicles for which time taken to travel is known for the correlated road segments and not known for the chosen road segment; estimating time taken to travel by each of the exclusive vehicles on the chosen road segment using the correlation between the correlated road segments and the chosen road segment; determining, for each of the correlated road segments, improvement that is achieved in error in estimating average travel time by using data corresponding to estimated time taken to travel by each of the exclusive vehicles on the chosen road segment, wherein a correlated road provides an improvement in error in estimate if the below equation is true: N M + 2 > σ Y 1 2 σ Y 2 where N is the number of exclusive vehicles, M is the number of vehicles for which time taken to travel through the chosen road segment is available, σ is the true variance of time taken to travel through the chosen road segment, and σ(Y 1) is the variance of the estimate of time taken by the exclusive vehicles to travel through the chosen road segment; sorting the correlated road segments based on improvement achieved in error in estimating average travel time; and determining improvement in error in estimating the average time taken to travel through the chosen road segment by using the time taken by exclusive vehicles, by considering correlated road segments in decreasing order of improvement in error, till one of the correlated road segments does not provide improvement in error in estimate compared to the reduction in error by previous correlated road segment which provided improvement in error in estimate, wherein the correlated road segments which provided improvement in error in estimate are considered as preferred road segments. a road traffic sensing system collecting data corresponding to one or more vehicles travelling through road segments, thereby enabling determination of time taken by one or more vehicles to travel through the road segments; at least one processor identifying one or more correlated road segments for which time taken to travel through the correlated road segments is correlated with the time taken to travel through the chosen road segment; the processor identifying one or more preferred road segments among the correlated road segments that increases the accuracy in determining the average time taken to travel through the chosen road segment; and the processor estimating the average time taken to travel through the chosen road segment using, data corresponding to time taken to travel through, the preferred road segments and the chosen road segment; identify the correlated road segments which comprise exclusive vehicles for which time taken to travel is known for the correlated road segments and not known for the chosen road segment; estimating time taken to travel by each of the exclusive vehicles on the chosen road segment using the correlation between the correlated road segments and the chosen road segment; determining, for each of the correlated road segments, improvement that is achieved in error in estimating average travel time by using data corresponding to estimated time taken to travel by each of the exclusive vehicles on the chosen road segment, wherein a correlated road provides an improvement in error in estimate if the below equation is true: N M + 2 > σ Y 1 2 σ Y 2 where N is the number of exclusive vehicles, M is the number of vehicles for which time taken to travel through the chosen road segment is available, σ is the true variance of time taken to travel through the chosen road segment, and σ(Y 1) is the variance of the estimate of time taken by the exclusive vehicles to travel through the chosen road segment; sorting the correlated road segments based on improvement achieved in error in estimating average travel time; and determining improvement in error in estimating the average time taken to travel through the chosen road segment by using the time taken by exclusive vehicles, by considering correlated road segments in decreasing order of improvement in error, till one of the correlated road segments does not provide improvement in error in estimate compared to the reduction in error by previous correlated road segment which provided improvement in error in estimate, wherein the correlated road segments which provided improvement in error in estimate are considered as preferred road segments.