Godrej Properties – Brand, Business model & Scale

Again I don’t agree. The cost of holding the land for RE companies or raw material in case of manufacturing companies is not zero. The only way they will benefit from holding land or raw material is if the rise in prices of these land/raw materials is more than the RoE the company generates. Otherwise they would have tied up capital in an unproductive resource. In any case, markets prefer asset-light businesses.