I did not watch large parts of Raaz 3 mainly because I dont like to see yucky melting skulls and I am morbidly scared of cockroaches. There are also a couple of scenes where the music slowly builds up to a crescendo which means at the end a scary creature will jump out of nowhere. This gives you enough time to close your eyes and miss that part altogether.
The story is about an actress Shania whose star is on the wane thanks to a young new actress. In an attempt to regain her top position in the industry, she resorts to black magic and ropes in her Director boyfriend to assist her. He has to keep giving the other actress poisoned water and she is soon possessed by a pret atma. In a totally unnecessary twist, the younger actress also happens to be Shanias half sister. Well, the directors falls in love with the younger sister and then is caught in the middle. What happens next is the rest of the story.
The scary parts look quite good in 3D but they are unfortunately only situational. There are no mental games being played, just straightforward skulls, hangings and cockroaches. This works quite well up to a point but after that gets a bit predictable and boring. What will the pret atma do next is not that suspenseful 2 hours into a film.
Emran as the Director is efficient. Esha Gupta as the younger sister has an innocence that is nice. That could also be a function of not being a very good actress yet, but she comes off well. It cant be easy to take off your clothes and imagine being assaulted by cockroaches. Bipasha has to look evil throughout the movie and she perfects the stare in the first few scenes and then just freezes it there. I think she could have done a much better job showing how desparation can make you stoop to bizarre levels but she is not able to pull it off.
Overall, I would say this is not a very bad movie. I am not an expert on horror movies (the only other one I saw was Help with Bobby Deol which was a horror show for obvious reasons) but I am guessing it could have been scarier if it had been more clever in its methods of frightening the audience. The second half drags on for too long and becomes too much mumbo jumbo stuff. See it once if horror is your thing or you are going out on a date. Or else skip it.