Bharat Shah and Maruti Imternational's Grand Masti, a sequel of Masti, is another film in which three happily-married men stray in their quest for fun and adult adventure Dr. Amar Saxena (Ritesh Deshmukh), Meet Mehta (Vivek Oberoi) and Prem Chawla (Aftab Shivdasani) are friends who had sex on their minds in their college days. Robert Pereira (Pradeep Rawat) had taken over as their college principal just days before they were to pass out of college. They had had a glimpse of his no-nonsense nature when he had passed a diktat that strict action would be taken against boys and girls who would do any hanky -panky. And his strict action could even mean castrating the boys concerned. In fact, Hardi (Suresh Menon) had been castrated by Robert Pereira and then sent to a mental asylum.
Six years later, there is a college reunion where all ex-students are invited to spend a week in the college with their spouses. As luck would have it, Dr. Amar Saxena's wife, Mamta (Sonalee), can't accompany him as she is busy with their new-born child; Meet's wife Unnatti (Karishma Tanna), also excuses herself as she has to accompany her boss (Captain Bikramjeet Singh) to Turkey; and Prem's wife, Tulsi (Manjari Fadnis), refuse to go with him as she has to look after the elder in his family.
The three friends decide to go for the college reunion without their wives and plan to make the most of it by having extra-marital affairs. What follows is a cat-and-mouse game between Robert Pereira and the three friends.
Do the three friends kill Pereira and save their own lives or do they save Pereira and put their lives on the line? Do the wives get to know that their husbands were ready to go to bed with the women they had befriended in the college reunion? Do the three raunchy women continue to be terrorised by Robert Pereira or do they revolt?