The movie opens with flashbacks of the prequel introducing Majnu Bhai (Anil Kapoor) and Uday Shetty (Nana Patekar), who unlike the previous film, have left all their bad practises and now run a successful hotel business. They are rich and desperate to get married! A mother-daughter duo, (Dimple Kapadia and Ankita Shrivastava) are conning Udya and Majnu for their money. Meanwhile, Udya learns that he has another sister from his third mother, named Ranjana (Shruti Haasan). The task of getting her married falls on their old shoulders.

Uday and Majnu catch hold of Dr. Gungroo (Paresh Rawal) who had recently discovered that he also has a ready-made son - Ajju Bhai (John Abraham). There is a very expected entry of another big underworld don Wanted Bhai (Naseeruddin Shah) and his son Honey (Shiney Ahuja). There are several happenings alongside where Ajju and Ranjana fall for each other and wish to get married. Uday and Majnu deny permission for the same as Ajju is a 'Mumbai Ka Gunda'. Another twist lands up in the story when the drug addict Honey also falls in love with Ranjana and gets obsessed with her.