Director, and one-time partner of Patel, Vikram Bhatt confirmed that the film charts the actress's career after her films started to fail at the box office, reports Mid Day.
"We took the basic idea of the insecurities that creep up on an actress after a few years in the business, and then we built on her desperation," said Bhatt.
Patel, who won a number of awards for her 2001 debut Gadar: Ek Prem Katha, has had little commercial success since 2003.
"The film shows the character urging her director (Emraan Hashmi) into wrongdoings. In her desperation to cling to her stardom she begins to workship a satan and practices black magic on her younger rival."
Producer Mahesh Bhatt explained: "Vikram shared details of his tumultuous relationship with this Amisha. Insecurities are an integral part of an actress's life, as her shelf life is limited. We built on that idea to create Bipasha's character in Raaz 3."
Patel was last seen in a cameo role in the track 'Lazy Lamhe' from the 2008 release Thoda Pyaar Thoda Magic.