Deduction u/s 54F

1. Sec 54F puts a condition only towards the construction of a residential property 1 year before or purchase within 2 years or construct within a period of 3 years from the date of transfer. 
2. There is nothing wrong in constructing a residential property on land already owned. Since in your case construction got completed within a period of 2 years exemption u/s 54F will remain to be valid. 
Please correct me if the above solution has an alternative view.