Set in the late 90s in Delhi, Bhanwarey  revolves around three friends and their struggle of survival in a shoddy apartment. It is also the story of their daily problems and how they accidentally get involved in wrong doings, drugs, a porn racket, news media and to solve these problems they eventually get trapped between the hand of law and a couple of gangster groups.
Manoj (Shaurya Singh) and Pushp (Karhan Dev) live together in an apartment in Delhi. Machchinder (Jashan Singh), their third friend lives in the same building as well. While Manoj has a girl friend Soniya (Priyanka Shukla), he is still not settled in the city and is jobless. Whereas Pushp has a job but is pervert in nature.
Manoj is trying different methods to cure sexual weakness in him which gets him and his roommate Pushp into trouble. One day Pushp introduces Manoj to Raghav (Puneet Kumar), a childhood friend of his, who is a member of a rock band. While talking to him, Raghav introduces Manoj to a performance enhancement drug which Manoj takes without any precautions and ends up roaming the streets of Delhi, like a ghoul, without any memory of it the next day.