Is there a way to install limesurvey even if the php memory is only 64mb. I just want to use this installation for developing and testing and cannot increase the php memory so I am stuck at the installation precheck.

I assume that this is a requirement for Limesurvey to work properly, so I guess not. Maybe someone else with more knowledge on that topic and why this limit is there can skip in.
but you can always install LS as a XAMPP version on your own computer for developing and testing.