Aasman Mahal is the story of a crumbling feudal order. The Nawab (Prithviraj Kapoor) is content to spend his days in his crumbling mansion dreaming of the past glory. He turns down the offer of lakhs of rupees to save his Mahal from being converted to a luxury hotel. He chooses to live in impoverished dignity but his son rejects the social order and moves from the traditional to the modern paradigm. He finds love and future in a young teacher, the daughter of his father’s faithful retainer.