I have personally failed to come across good Indian horror/thriller movies. But, Raaz seems to put in a good word for itself. It loses a point for Suman's role and acting. Otherwise, well worth watching. Firstly, it presents issues that our society REALLY faces. And secondly, it takes a look at the REAL evil and not just the regular outlook at good versus evil that we're used to seeing.
The movie starts off putting forth a lot of questions that were well answered as you watch the movie. The topics raised throughout the movie keep you guessing till the very end. I won't say more about the movie and ruin the suspense for you.
A good watch overall. Well recommended for the specific corrupt group of Indian population (the netas, and on and on). ;)