"AAR YA PAAR" delves into the lives of Nandini and Manhar Joshi, a middle-aged couple residing in an old rented house. Manhar, a retired miser, often teases Nandini with false promises of purchasing their dream home. Nandini, resigned to their current living situation, finds unexpected joy when she discovers Manhar has taken out a substantial insurance policy for her and planned a trip to the unexplored hill station of Jambhalgad near Saputara in Gujarat.
However, tragedy strikes during their holiday when a ropeway above the Chandralekha river collapses, resulting in a horrific accident. Among the victims, Manhar goes missing, leaving Nandini devastated. Accused by the police of her husband's murder with alleged evidence, Nandini finds herself in a desperate situation until Ajay Bhargav, an activist, comes to her aid.
As Nandini grapples with accusations and grief, she seeks answers. Who is Ajay Bhargav? Why has he come to help Nandita? How will Nandita claim the amount of the insurance policy that Manhar has left for her? Is she responsible for the death of her husband? Is Jamshed, their Parsi neighbour hiding certain facts from Nandita?