Abstract: We have applied the fast timing beta gamma gamma(t) technique to remeasure lifetimes of selected states in Ra-223 populated in the beta(-) decay of Fr-223. T-1/2 = 587(12) ps and 210(13) ps have been obtained for the 3/2(-) and 5/2(-) states at 50.1 and 79.7 keV, that are more accurate than the previous values of 630(70) ps and 166(55) ps, respectively. Our vertical bar D0 vertical bar value of 0.155(10) e.fm obtained for the K = 3/2 configuration together with the available values of vertical bar D0 vertical bar for the K = 1/2 and K = 5/2 parity doublet bands establish the configuration dependence of vertical bar D0 vertical bar at low spins in this nucleus. Results of theoretical calculations performed for Ra-223, using the quasiparticle-phonon model (QPM) with inclusion of the Coriolis coupling, reasonably well reproduce octupole correlations in this nucleus.