Here's the progress on the island:it seems not uncommon for Indian shipyard to launch ship without much of the superstructures completed. Building first AC is a long and difficult process. I wouldn't be surprised if it does not go on sea trial for longer than what Jeff stated. Considering that INS Kolkota was launched in 2006 and still has yet to be commissioned, we could be looking for a similar time line here.

It is pretty well along and I believe will be lifted relatively soon.
The bigger issue is the back 20-25% of the ship where from the flight deck down six or eight levels, there is simply nothing built yet. A lot of the delays have been due (for both this vessel and the Kohlkatas) due to system they are getting from foreign suppliers and those things either taking too long, having problems, or in one case for the carrier, the transport actually having a wreck which damaged some equipment.
I believe we'll see the Vikrant completely launched in 2016-2017, and commissioned in 2019. By that time, the Virkamaditya will have been operating for 4-5 years with its squadron of 16 Mig-29Ks.