First of all, great observation!!!
But I have one counter arguments:-
If the company purchased a piece of land for ₹100 cr, then it means it spent only ₹100 cr to use that piece of land, and hence, whatever profits it earns in next 20 years, or 50 years, it should be valued on the basis of ₹100 cr only, not the ₹1500 cr, because the difference ₹1400 was never spent. And whenever it decides to sell the land for, say ₹1500 cr at CMP, the ₹1400 cr will come as profit automatically.
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