As long as the features and specifications are concerned, I do not see much of the difference between the two bikes. RayZR has tubeless tyres which could be a great investment. Fascino has a Air-cooled, 4-stroke, SOHC, 2-valve engine while that on RayZR is Air-cooled, four-stroke 2-valve BLUECORE engine.
Even in terms of price, Fascino will cost Rs. 53000, while RayZR costs Rs. 52000(Please note that these are not On Road prices). I would end up saying either of them could be a good choice.
Live....and Let Live!