Where does Bollywood go wrong with horror films?

No Bollywood horror film apart from Bhool Bhulaiyaa has actually been good. Bhool Bhulaiyaa is a classic horror-comedy that still manages to instill fear in me when I watch it. The entire cast was amazing, Vidya Balan was just phenomenal. But apart from Bhool Bhulaiyaa no bollywood horror film has been so good. Most of them are highly romanticized thriller horrors that have terrible CGI and plot lines. The Raaz series started great but eventually lost its spark. Bhoot: The Haunted Ship was just not original. Do Bollywood filmmakers not have what it takes to produce a horror film?