Veer Kapoor [Fardeen Khan] is a struggling artist who hopes to make it big someday with his rock group but at present is tottering financially. His only source of income is a monthly pocket money of Rs 1 Lakh from his wealthy elder step brother Dharam Kapoor [Sanjay Dutt], for which Veer has told a lie about his being married to Vidya [Mugdha Godse] whereas she is only his girlfriend. His best friend is Prem Chopra [Ajay Devgan] who is married to Jhanvi [Bipasha Basu]. Jhanvi runs a broken down gymnasium owned by Prems family and Prem spends his time mechanically modifying cars. Veer & Prem require a sum of Rs. 5 Lakhs to register Prems car for an illegal race [if they win they will get 50 lakhs]- which he and Prem borrow from a local mute loan shark Tobu [Johny Lever] after showing him a car designed by Prem which Prem assures him cannot lose. Impressed by this vehicle, Tobu in addition to lending Prem and Veer 5 Lakhs, also invests 5 Lakhs of his own on Prem. Prem loses the race and ends up owing a sum of 10 Lakhs to Tobu which should be paid within a week. Prem decides to rent out Veers Bungalow to a local slum dweller who has won a lottery [Sanjay Mishra] and collects an advance of Rs 2.5 Lakhs. However everything gets into a muddle when Dharam Kapoor is stranded in Goa Airport during his journey to Loshoto in Africa and insists on catching up with his younger brother. Since Vidya had a fight with Veer and is temporarily unavailable, after some confusion when Veer and Dharam land back home from the Airport Dharam sees Jhanvi and takes her for Vidya, and later when he sees Vidya, Prem and Veer tell him she is Jhanvi who is Prems girlfriend. Jhanvi pretends to be Vidya, Veers wife and Vidya pretends to be Jhanvi, Prems girlfriend. Things get into a deeper muddle with regular visits from the new tenant RGV, Tobu and his thugs and finally by a princess of Loshoto [Bipasha Basu in a double role]. The movie very closely resembles a Marathi play Pati Sagle Uchapati. However, there are a few changes in the story. The characters of Tobo the hooligan, played by Johny Lever, RGV played by Sanjay Mishra and Vidyas father played by Asrani are also not there in the original play. Its story and scenes are based on a Tamil Movie Vishwanathan Ramamoorthy which was taken from an old movie called Veetukku Veedu portraying JaiGanesh and LAkshmi.