Rashid and his teammates Deepak Yadav, Sharad Anand and Ashish Aggarwal carded a net team score of 25 under to emerge winners.
They were followed by Vikrant Chopra's Navratna Ahmedabad, who, along with teammates Devang Nanavati, Mihir Sharma and Pranav Shah, finished with 24 under.
In third place were Abhijit Chadha's DLF Gurgoan, also comprising Rajen Gandhi, Vijay Chauhan and Nikhil Mehra, with 23 under.
Besides the star-studded pro field, the notable personalities in the Pro-Am were ex-cricketers Kapil Dev, Syed Kirmani, Karsan Ghavri and current player Murali Kartik.
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"I'm happy to be back at the BPGC. The Chembur course is very close to my heart and is very special to me. I won the Mahindra Open golf title 20 years ago and will surely look forward to winning this event," said India's most decorated golfer, who enjoyed a good round during the Pro-am competition of this event.
Former India cricket captain Kapil Dev, who took to the sport 18 years ago, said he was pleasantly surprised by the manner in which the sport has grown in the country.