Missing 'ProjectDirectory' value in render engine config

I have set SiteConfiguration.config as follows:

<configuration xmlns:patch="http://www.sitecore.net/xmlconfig/"><sitecore><javaScriptServices><apps><!-- you may override other attributes from 'defaults' in the app definition below --><app name="MySite" sitecorePath="/sitecore/content/MySiteNode1"/></apps></javaScriptServices></sitecore></configuration>

And have SiteDefinition.config as follows:

<configuration    xmlns:patch="http://www.sitecore.net/xmlconfig/"><sitecore><sites><site name = "MySite" patch:before="site[@name='modules_website']"                    hostName="mysite_sc.dev.local"                    rootPath="/sitecore/content/MySiteNode1"                    startItem="/HomePage"                    database="web"                /></sites></sitecore></configuration>

On opening my local site its is throwing this error:

And MyLocal site item in sitecore CMS is throwing following exception:

Can you please help me in suggesting me what is there that is being missed or being done incorrectly?