Error: Missing configuration value for: jboss.home.dir when starting standalone server using module path in windows

When running
java -jar jboss-modules.jar -mp "%JBOSS_HOME%\modules" org.jboss.as.standalone

The exception
java.lang.IllegalStateException: JBAS015816: Missing configuration value for: jboss.home.dir
at org.jboss.as.server.ServerEnvironment.<init>(ServerEnvironment.java:325)
at org.jboss.as.server.Main.determineEnvironment(Main.java:242)
at org.jboss.as.server.Main.main(Main.java:83)
at sun.reflect.NativeMethodAccessorImpl.invoke0(Native Method)
at sun.reflect.NativeMethodAccessorImpl.invoke(NativeMethodAccessorImpl.java:39)
at sun.reflect.DelegatingMethodAccessorImpl.invoke(DelegatingMethodAccessorImpl.java:25)
at java.lang.reflect.Method.invoke(Method.java:597)
at org.jboss.modules.Module.run(Module.java:260)
at org.jboss.modules.Main.main(Main.java:291