Exemption u/s 54

If the assessee sold a residential house and entered into a agreement for construction of residential house and the agreement states that the construction will be completed in 5 years and invested the entire sale proceeds within three years from the date of  transfer in the construction of a residential house,

Then can he claim exemption u/s 54,
though the entire sale proceeds is invested within 3 years from date of transfer but construction will be completed after 3 years from date of transfer?