Ltcg exemption u/s 54

Query: Can Sec 54 benefits be availed in the following:

Backdrop of the case

1. An assessee has sold his residential property and intends to invest in a property which is under pagdi system.
2. There will be an agreement registered for the purchase of tenancy rights in the name of the assessee.
3. The assessee will be paying rent on a monthly basis thereafter
4. All the other relevant conditions u/s 54 are fulfilled