The actress, who first rose to fame with Vikram Bhatt's Jism and Raaz had reportedly angered the directors after she turned down the lead role in Mukesh Bhatt's last film Murder 2.
According to Mid Day, Mukesh Bhatt said: "It is a homecoming for both Bipasha and Vikram. Yes, we did have issues earlier but, in a family, there are always different points of view that arise till the members realise that amendments need to be made.
"This is where they started and this film brought recognition to both Vikram and Bipasha," he added.
When asked how the collaboration came about, Mukesh Bhatt explained: "Being in the same business, we keep bumping into each other. Bipasha expressed a desire to work with us again and she loved the Raaz 3 script. It is a very challenging and powerful role for her."
Vikram Bhatt, who will be directing the film, said: "Bipasha is a very important part of the team that created Raaz as a brand. I am happy to be working with her again and hope to create the same magic with the already heady pair of Emi (Emraan Hashmi) and Jackie (Jacqueline Fernandez)."
Basu said she was looking forward to filming the role: "I have a long and fruitful relationship with Vishesh films. I am very fond of both Maheshji and Mukeshji.
"They have given me two of my best films, of which Raaz, my second movie, was a golden jubilee hit. It was only a matter of time before we worked together.
"My role in Raaz 3 seems to be a very challenging one and the director is not only very good at his craft, but has also been a friend for a long time.
"The thought of working with my own people gives me a high. It is a terrific combination." Enjoy the beautyful pictures of Bipasha
