Praan Jaye Par Shaan Na Jaye is a story of people living in an odd combination of modern apartments and military barracks, these chawls which have 2 to 7 floors with at least 15 rooms. This chawl is owned by Popatlal Chunilal. Praveenseth is the grandson of Popatlal. He wants to vacate the chawl and construct a magnificient Pitawala complex.
There is a tug of war between the residents and Praveenseth, when Laxmi Rathod a resident of the chawl plays such a trick that Praveenseth is afraid even to step in the chawl. But Praveenseth is also tough nut to crack. He chalks out a devious plan to which the chawl people have no answer.
What happens next? Does Praveenseth succeed in his malicious plans?