Shares have the advantage of higher liquidity compared to real estate. However in the latter case, depending upon the state of the market a higher return of investment can be obtained. In both the cases the dynamics of the market is not in your control. In both the situations, if you are prudent enough, you can use the ups and downs of the market to your advantage.
In Stocks when the prices are down, you can enter at a lower price, similarly when in real estate when its a buyers market, one can look for property which has good chances of appreciation in the future. The entry level for investing in stocks are lower and the liquidity is more for stocks. But returns can be better for good real estate investments. People need a a place to live, irrespective of the market dynamics. So most real estate investments guarantees a certain level of assurance as the prices cannot go below a reasonable limit. Real estate prices are bound to pick up sooner or later even if the market goes down temporarily.

Thrissur Apartments, investment options in the cultural capital of Kerala

The question of whether shares or real estate is a better investment can only be answered considering the particular market in which you are operating. The political stability, policies of the government all come in to play.