Exemption u/s 54

1. According to sec 54, the exemption will be available for CG in case of sale of residential property (long term) and subsequently purchased another residential property within a period of 1 year before or 2 years after.  
2. There are few conditions to claiming exemption u/s 54. Refer the relevant section for the same. 
3. To answer your question there are no restrictions for holding more than one residential property for claiming exemption u/s 54. Such restrictions are imposed in sec 54F (sale of CA other than residential property and purchase of residential property) 
Please correct me if the above solution has an alternative view.