See here for Moneycontrol.com's interview with Marc Faber, where he expresses enthusiasm for Indian realty:
...I think that is a no-brainer in the long run. It is a problem for people who will have very high borrowings, against their realty because of interest rates. Realty has always been a cyclical industry, where prices move up or down. But by and large if I look at the world, the reason so many families are rich, that came out of realty, is that the money was tied up in realty. They did not do anything more stupid with their money like buying Internet stocks in 2000 and then losing 90% of their money as prices went down.
So, my advice essentially for people, if you are not an expert in financial matters, to own realty - a safer avenue to wealth.
Faber also predicts a near-future stockmarket correction in the US of more than 10%, and in the longer term:
I expect over the next 20 years interest rates in the US will go much higher than it is perceived by the market place as I think inflation in the US will accelerate on the upside partly because of the rise in the prices of commodity, energy and food. This is also partly because of the weakness in the dollar that will eventually lift import prices.