We derive Margolus-Levitin and Mandelstamm-Tamm type bound on the quantum speed limit time for the creation and decay of quantum correlations by an amount in a quantum system evolving under the influence of its ambient environment. The minimum distance of a non-classical state from an appropriate set of classical states is a legitimate measure of the quantumness of the state. We consider entanglement and quantum discord measures of quantum correlations, quantified using the Bures distance-based measure. To demonstrate the impact of quantum noise on this speed limit time for quantum correlations, we estimate the quantum speed limit time for the creation and decay of quantum correlations for a two-qubit system under modified OUN dephasing and collective two-qubit decoherence channels.I.