Shivranjini (Tabu) wants to do research on Qutab Quli Shah's and Bhaggmati's love story but her principal is reluctant but eventually gives in to her and introduces Shivranjini to Naseem (Milind Soman),who is the son of the chairman of Qutab Quli Shah`s foundation. During this research, Naseem and Shivranjini fall in love with each other.
One day, Shivranjini enters a mysterious fort, which was constructed during Qutab Quli Shah's times. Strange things start to happen when they touch the walls. She can hear some voices that belong to Qutab Quli Shah, Bhaggmati and those people of those times. Now, Shivranjini starts imagining what had happened in those times, and that is shown through animation.
While hunting, Qutab Quli Shah meets Bhaggmati a poor girl. They fall in love and take an oath of never getting apart. Qutab Quli Shah's father`s friend proposes his daughter's marriage to Qutab Quli Shah's and once he disagrees, he is imprisoned in the palace. Both the lovers fight against odds and finally get married.
One day Bhaggmati expresses her desire of creating a new city and for his wife, Qutab Quli Shah starts the construction of the new city, which is now known as Hyderabad. While the city is being constructed, Bhaggmati dies. In her memory, Qutab Quli Shah builts the 'Char Minaar'. When Bhaggmati's story ends, Shivranjini feels very depressed and feels connected to Bhaggmati's story.