I loved Satanic Verses, for what it's worth.* And I read Seth's "An Equal Music" which was beautiful.
I hesitate to pontificate* on Indian novels given the presence of experts but I thought <i>Midnight's Children</i> and <i>Shame</i> great when I read them. Everything since has been a disappointment but I don't know whether that's due to a change in my tastes or his writing. I also thought to include Vikram Seth's <i>A Suitable Boy</i>, a lovely old-fashioned novel.
*Edit: Oooh, Mongo agrees.