Until November 2015, FDI in constuction activities was subject to minimum size and capital requirements.
"The Government of India has reviewed the extant FOi policy on various sectors and made following amendments in the Consolidated FOi Policy Circular of 2015 (FDI Policy), effective from May 12, 2015, and as amended from time to time. 
[...]
21. Para 6.2.11 of the FOi Policy is amended to read as under: 
Sector/Activity | Foreign Investment Cap | Entry Route
6.2.11.1 Construction-development projects (which would include development of townships, construction of residential/commercial premises, roads or bridges, hotels, resorts, hospitals, educational institutions, recreational facilities, city and regional level infrastructure, townships) | Foreign Investment Cap: 100% | Entry Route: Automatic
6.2.11.2
Each phase of the construction development project would be considered as a separate project for the purposes of FDI policy. Investment will be subject to the following conditions:
(A) (i) The investor will be permitted to exit on completion of the project or after development of trunk infrastructure i.e. roads, water supply, street lighting, drainage and sewerage.
(ii) Notwithstanding anything contained at (A) (i) above, a foreign investor will be permitted to exit and repatriate foreign investment before the completion of project under automatic route, provided that a lock-in-period of three years, calculated with reference to each tranche of foreign investment has been completed. Further, transfer of stake from one non-resident to another nonresident, without repatriation of investment will neither be subject to any lock-in period nor to any government approval. [...]
Note [...]
(ii) Condition of lock-in period at (A) above will not apply to Hotels &Tourist Resorts, Hospitals, Special Economic Zones (SEZs), Educational Institutions, Old Age Homes and investment by NRls. [...]" (Government of India/Ministry of Commerce & Industry (2015), Press Note No. 12 (2015 Series))
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Previously: up to 2015
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"CHAPTER 3: GENERAL CONDITIONS ON FDI [...]
3.4   ENTRY ROUTES FOR INVESTMENT 3.4.1 Investments can be made by non-residents in the equity shares/fully, compulsorily and mandatorily convertible debentures/fully, compulsorily and mandatorily convertible preference shares of an Indian company, through the Automatic Route or the Government Route. Under the Automatic Route, the non-resident investor or the Indian company does not require any approval from Government of India for the investment. Under the Government Route, prior approval of the Government of India is required. Proposals for foreign investment under Government Route, are considered by respective Administrative Ministry/Department. 
[...]
3.5   CAPS ON INVESTMENTS
3.5.1 Investments can be made by person resident outside India in the capital of a resident entity only to the extent of the percentage of the total capital as specified in the FDI policy. The caps in various sector(s) are detailed in Chapter 5 of this Circular. 
3.6   ENTRY CONDITIONS ON INVESTMENT
3.6.1 Investments by non-residents can be permitted in the capital of a resident entity in certain sectors/activity with entry conditions. Such conditions may include norms for minimum capitalization, lock-in period, etc. The entry conditions in various sectors/activities are detailed in Chapter 5 of this Circular.
[...]
5.1 PROHIBITED SECTORS
FDI is prohibited in: [...]
f) Real Estate Business or Construction of Farm Houses
‘Real estate business’ shall not include development of townships, construction of residential /commercial premises, roads or bridges and Real Estate Investment Trusts (REITs) registered and regulated under the SEBI (REITs) Regulations 2014. 
[...]
5.2 PERMITTED SECTORS
a) In the following sectors/activities, FDI up to the limit indicated against each sector/activity is allowed, subject to applicable laws/regulations; security and other conditionalities. In sectors/activities not listed below, FDI is permitted up to100% on the automatic route, subject to applicable laws/regulations; security and other conditionalities. [...]
c) Foreign investment in sectors under Government approval route resulting in transfer of ownership and/or control of Indian entities from resident Indian citizens to nonresident entities will be subject to Government approval. Foreign investment in sectors under automatic route but with conditionalities, resulting in transfer of ownership and/or control of Indian entities from resident Indian citizens to non-resident entities, will be subject to compliance of such conditionalities. 
[...]
6.2.11 CONSTRUCTION DEVELOPMENT: TOWNSHIPS, HOUSING, BUILT-UP INFRASTRUCTURE
Sector/Activity | % of Equity/FDI Cap | Entry Route 
6.2.11.1 Construction-development projects (which would include development of townships, construction of residential/commercial premises, roads or bridges, hotels, resorts, hospitals, educational institutions, recreational facilities, city and regional level infrastructure, townships) | % of Equity/FDI Cap: 100% | Entry Route: Automatic
6.2.11.2 Investment will be subject to the following conditions:
(A) Minimum area to be developed under each project would be as under:
(i) In case of development of serviced plots, no minimum land area  requirement.
(ii) In case of construction-development projects, a minimum floor area  of 20,000 sq. meter. 
(B)  Investee company will be required to bring minimum FDI of US$ 5 million within six months of commencement of the project. The commencement of the project will be the date of approval of the building plan/lay out plan by the relevant statutory authority. Subsequent tranches of FDI can be brought till the period of ten years from the commencement of the project or before the completion of project, whichever expires earlier.
(C) (i) The investor will be permitted to exit on completion of the project or after development of trunk infrastructure i.e. roads, water supply, street lighting, drainage and sewerage. 
(ii)The Government may, in view of facts and circumstances of a case, permit repatriation of FDI or transfer of stake by one non-resident investor to another non-resident investor, before the completion of project. These proposals will be considered by FIPB on case to case basis inter-alia with specific reference to Note (i).[...]" (Government of India/Ministry of Commerce and Industry (2015), Consolidated FDI Policy (Effective from May 12, 2015)))
Government of India/Ministry of Commerce & Industry (2015), Press Note No. 12 (2015 Series), 24t November, 2015
Government of India/Ministry of Commerce & Industry (2015), Consolidated FDI Policy (Effective from May 12, 2015)
[<a href="https://dpiit.gov.in/sites/default/files/pn12_2015%20%281%29.pdf">PN</a>],[<a href="https://dpiit.gov.in/sites/default/files/FDI_Circular_2015%20%201_0_0.pdf">Policy</a>]