'Page 3' takes a behind-the-scenes look at A-list celebrity lifestyles through the eyes of a female entertainment journalist. It explores the power-play between the rich and famous and the media. It is also the story of three girls trying to make a decent living in an indecent society.
Madhavi Sharma (Konkona Sen Sharma) arrives in Mumbai and soon lands a journalist job. Her boss Deepak Suri (Boman Irani) gives her the task of reporting celebrity news. She begins her journey in the glitzy and glamorous world of celebrity lifestyle working on Page 3. Her roommate Pearl Sequiera (Sandhya Mridul) is an air hostess and wants to marry for money. Gayatri Sachdeva (Tara Sharma) later joins them. She is an aspiring actress and gets involved with a leading actor, Rohit Kumar (Bikram Saluja). When she tells him that she is pregnant with his baby, he suggests she have an abortion. Depressed and shattered, she unsuccessfully tries to commit suicide and, in the process, loses her unborn child. Meanwhile, Pearl marries a wealthy old man and moves to the United States. Madhavi plans to expose Rohit by writing an article on his relationship with Gayatri, but her editor kills the article, and she is forced to apologise to Rohit.
Madhavi finds out that her boyfriend is gay, when she finds him in bed with her best friend, Abhijeet (Rehaan Engineer). As soon as Madhavi begins to get disillusioned with her job, she declares that 'the party is over' for her. She soon realises that the glamorous world of celebrity life is not as glamorous as it seems. She requests her manager to assign her to a different field and lands on the "crime beat" with Vinayak. She accompanies Vinayak as they comb the city for all kinds of crime news.
On one such trip, they witness a bomb blast in city which affects Madhavi emotionally. Forced to pull out due to her boss to cover a Bollywood party, she comes across the ACP in charge of the bomb blast she witnessed, insensitively discussing the incident. This disturbs her and she lectures the ACP, who was apparently at a film shoot instead of attending to his responsibilities towards the injured. As Vinayak goes to cover another news, Madhavi asks to take charge of crime news. She gets a tip that a number of boys from Anjali Thapar's rehabilitation home have gone missing, as during a search, a number of boys could not be accounted for. Police inspector Bhosle finds out that a number of children are at Ramesh Thapar's bunglow; but he does not have a search warrant. However, based on Madhavi's words, he conducts a raid and arrests Ramesh Thapar, who is using children for sex acts; Bhosle also finds other corporate personalities. Madhavi captures the whole story with photo shoot, asks this new item to be the headline for the next day's news edition, and hands out all the details to her Boss. He promises to take serious note of the issue and do his best; the same night he meets with the newspaper owner, who is the best friend of Mr. Thapar (from whom his paper receives major advertisements and other events coverage contract). Fearing major loss to his business, the owner declines to publish the news, and asks Madhavi be dismissed from service.
Meanwhile Gayatri, who supposedly returned to Delhi, sleeps with a director and gets cast in a movie.
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