The auction on September 19-20 includes 75 lots.
Mehta's 1988 work 'Falling Figure with Bird', one of the most important paintings from his suite of falling figures, is estimated at Rs 8.1-10.8 crore.
Here, Mehta draws on both Indian and Western myths and legends to create a substrate upon which he builds an image that reflects his own concerns. Another important lot is an untitled painting of Amrita Sher-Gil drawn in 1931.
With an estimate of Rs 3.24- 4.32 crore, it is one of only five paintings by the artist to have ever come up for public auction.
The landscape portrays a grassy path meandering along a thatched wall. While the light in the foreground is dappled, passing through a stand of tall trees on the right, the sky beyond them is a bright, clear blue.
Kher's 2007 work 'Indra's Net (6)' is priced at Rs 37.8-48.6 lakh while Arpita Singh's 2003 painting 'Summer Months' is estimated at Rs 8.1-9.7 lakh.
Husain's 'That Obscure Object of Desire