Yash Vardhan (Aditya Pancholi) is an industrialist from the richest Royal families of Rajasthan. On one business trip he sees a gypsy girl Reshma (Kajol) who brings back memories long suppressed but not forgotten. Yash Vardhan brings Reshma along with her father (Satyen Kappu) to his palace and asks Daima(Aruna Irani) to look after them. Dai Ma too is shocked to see Reshma and has Rani (Kajol) come back or is it a lookalike? Yash Vardhan orders Daima to begin grooming Reshma in the mould of Rani. Unaware of the truth, Reshma enjoys the comforts and the luxury in the beginning. Yash Vardhan promised to make her a great singing and dancing star and also to get her ailing father the best medical treatment. But soon, Reshma realises that she is being moulded into another personality. The rich, expensive cloths she is made to wear smell of the death of another person who she was suppose to take the place of. One day, when Yash Vardhan takes her to the shopping, she sees a boy walking away with a guitar on his back. Reshma begins to follow the boy almost in a hypnotic trance. Yash Vardhan follows her. When Reshma touches the boy's shoulder, the boy turns. It is Raju (Saif Ali Khan), a street singer and an aspiring film star. Yash Vardhan is shocked to see him. Has Raja come back too? Raja who was his best friend, Raja whom Rani loved, Raja whom he killed for Rani because he loved Rani too. Will Raju recognise Reshma as Rani? Will Rani be able to convince Raju that he is actually Raja reborn and that she is Rani reborn? Will Yash Vardhan succeed? Will Raja and Rani's love die again to live forever or survive their destiny? Will the Saga of 70's be replayed all over again in 97?