Lightning Page could not be loaded because it includes too many formula fields with complex formulas, or too many custom fields OR Cannot load a page layout with more than 254 fields in lightning interface..!!

This is quite annoying to have this error while opening a record detail page in salesforce lightning.
As of now this is available in known issues of Salesforce lightning but does not have a great fix but to reduce the number of lookup and formula fields from the layout.

    Workaround:
Page layouts should be reduced in the following areas:
1) Reduce Lookup fields to below 35
2) Reduce Formula fields to below 30-40
3) Consider reducing overall fields below 300 (less impactful)

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