Sharma, from Pune, recovered from the loss of the first set to overcome Mumbais Shahbaaz Khan in three sets, 2-6, 7-5, 6-3, in the semi-final at the Bandra Gymkhana courts on Friday.
Mohammed, the lone surviving seed, continued with his impressive form and defeated Gujarat's unseeded Vaidik Munshaw 6-1, 6-3 in the other semi-final to take his place in the summit round.
Sharma found the early morning start a bit of a struggle as he was sloppy initially and was unable to keep the ball in play.
Khan seized the opportunity and quickly won the opening set to wrest the advantage.
That was the perfect wake-up call for Sharma and he responded well by racing to a 4-1 lead in the second.
But Khan made a strong reply and won the next three games to level scores at 4-4.
Sharma snatched a crucial break in the 11th game and then served out for the set, winning it with an ace to take the match into the decider.
In the decider, both Sharma and Khan tried different tactics, including slowing down the game between points, to gain the upper hand.
They also struggled with their serves as Sharma was broken in the second and eighth games, but held serve in the fourth and eight games.
Sharma, who played more consistently in the third set, managed four breaks - in the first, third, seventh and ninth games - to win it and wrap up the match.
Results: Men's singles (semi-finals): 5-Mohammed Fahad (TN) bt Vaidik Munshaw (GJ) 6-1, 6-3; Atharva Sharma (MH) bt Shahbaaz Khan (MH) 2-6, 7-5, 6-3.
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