India has a policy for non-residents which invites them to invest in the construction and development sector. For investment in independent premises, the policy is open only for NRIs. A look at the relevant laws Currency and exchange control Framed under Section 47 of the Foreign Exchange Management Act, 1999, the Foreign Exchange Management (Acquisition and Transfer of Immoveable Property in India) Regulations, 2000, apply on immoveable property transactions by non-residents or other transactions involving foreign exchange. The Reserve Bank of India classifies FEMA transactions into two types: capital account transactions and current account transactions. Real estate investment is a capital account transaction.