5 Excellent

This movie will invoke extreme reactions. There will be some who will absolutely adore this movie while there will be some who will abhore it. But trust me, this is a superior product than Raaz. Also the climax is the most satisfying and energetic one amongst all hindi horror movies I have seen. There are some flaws like the two songs in the 2nd half which stick out like sore thumbs. But if you discount that then the movie is definitely worth a watch. The screenplay (especially in the first half) is taut and filled with tension. Actors have done a decent job. This is the finest effort by Vikram Bhatt. It's better than Raaz and Ghulam was a copy of 'On the waterfront';so Vikram Bhatt doesn't deserve any credit for Ghulam.
Go for it.