"Raaz 3" cleverly utilises the success of the franchise and ropes in from the original the director Vikram Bhatt and actress Bipasha Basu (thank God, Dino Morea was permitted to stay away!).
Writer Shagufta Ali fences the plot quite well - a waning actress who can go any lengths to retain the crowning glory and succumbs to making use of black magic as a weapon of destruction.
Bipasha gives her best shot however appears she was over-doing it and if I may dare say flaunting her body she has toned over the unemployment years. Emraan Hashmi's character is not well etched out. Eesha Gupta manages a decent performance considering she is a newbie in comparison. And yes, Bipasha & Shagufta as half-sisters - bad writing.
Songs are OK carrying the signature Mahesh Bhatt feel. Director Vikram Bhatt who has developed core competence in the genre of horror does a decent job. On that note, the writer could have polished the edges to give that sheen it warranted.