Mukesh, along with Delhi's Vinod Kumar and Noida's Amardip Sinh Malik, had ended the regulation 72 holes with matching totals of 15-under-269.
The Mhow man finally sealed the Rs 75 lakh event on the third extra hole with a four-feet par putt.
Mukesh's win at the penultimate event of the season took him from third place to first position in the Rolex Ranking as his earnings for the year went up to Rs 34,91,710. Chikkarangappa of Bengaluru is placed second in the money list with earnings of Rs 26,37,440.
Mukesh, who won his third TATA Open title, was one-under through the front-nine as he made three birdies against two bogeys. He landed his lob wedge within five feet on two occasions and sank a 15-footer on the seventh.
Mukesh then put on a fantastic display of his wedge-play on the back-nine by landing it within four feet for three birdies. He seemed to be coasting to victory with an eight-feet conversion on the 17th but a poor chip on the 18th resulted in a bogey and relegated him to a playoff with Vinod Kumar (66) and Amardip Sinh Malik (69).
Amardip Sinh Malik, the overnight leader by two, seemed to be out of the race till he birdied the last two holes. He drained a 25-footer on the 18th to make it to the playoff.
Malik finally crashed out on the first playoff hole courtesy a poor third shot that landed in the bunker and led to a bogey. Mukesh and Vinod made pars there after Mukesh missed it from three feet for birdie.
Chandigarh's Sujjan Singh, Delhi's Honey Baisoya and Noida's Vikrant Chopra took a share of fourth place at 13-under-271.
Jamshedpur's Karan Taunk ended tied 42nd at one-over-285.
