Dev has confirmed multiple times that there will be a time limit. Also mentioned that NG+ will be a thing that will be pushed. S/he probably has a design in mind for this game and how it will affect everything because even I am not a fan of time limits at all. I've mentioned how people are already looking at walkthroughs now, which I despise, and it will get 100x worse if there is a time limit in place. I've hated time limits in every single game I've played and I maintain that a time limit, even if on the generous side, will just push players to use walkthroughs and cheats since nobody likes to play on a leash.
But, I'm curious enough and intrigued enough by what they have done so far to wait and see how they'll go by it.