Capital gain (54f)

A person has purchased a plot for investment purpose. After 10 years he executed an agreement with a developer to develop flats on the plot. Terms of agreement are: 1) full cost of development will be borne by developer only. 2) The owner will have 55% of the sales realization as consideration.
Now one flat is taken by the owner and rest of his share is received in cash. For computation of capital gain sales realization will be taken as full value received in cash and kind. whether the cost of that one flat be taken as reinvested in house property and will it be eligible for deduction u/s 54F.