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<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2025-11-30/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Changes_In_Management/2025-11-30/in-capmkt/in-capmkt-ent" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2025-11-30/in-capmkt-types" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.w3.org/1999/xlink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2025-11-30.xsd"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">EMAMIREAL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-27</xbrli:startDate><xbrli:endDate>2026-05-27</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">EMAMIREAL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-27</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">EMAMIREAL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-05-27</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain1</in-capmkt:ChangeInManagementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="D_ChangeInManagement1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">EMAMIREAL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-05-27</xbrli:startDate><xbrli:endDate>2026-05-27</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:ChangeInManagementAxis"><in-capmkt:ChangeInManagementDomain>ChangeInManagementDomain1</in-capmkt:ChangeInManagementDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">EMAMIREAL</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">EMAMI REALTY LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">533218</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE778K01012</in-capmkt:ISIN><in-capmkt:WhetherDisclosureFiledForListedEntity contextRef="MainD">true</in-capmkt:WhetherDisclosureFiledForListedEntity><in-capmkt:RelationshipWithTheListedEntity contextRef="MainD">Listed Entity (self)</in-capmkt:RelationshipWithTheListedEntity><in-capmkt:WhetherEventOrInformationIsAnOutcomeOfBoardMeeting contextRef="MainD">true</in-capmkt:WhetherEventOrInformationIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="MainD">2026-05-27</in-capmkt:DateOfBoardMeeting><in-capmkt:StartTimeOfBoardMeeting contextRef="MainD">11:45:00</in-capmkt:StartTimeOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="MainD">14:00:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported contextRef="MainI" unitRef="pure" decimals="0">1</in-capmkt:NumberOfPersonsOrEntitiesForWhomChangeIsBeingReported><in-capmkt:DateOfReport contextRef="MainI">2026-05-27</in-capmkt:DateOfReport><in-capmkt:TypeOfChange contextRef="D_ChangeInManagement1">Appointment</in-capmkt:TypeOfChange><in-capmkt:CategoryForChange contextRef="D_ChangeInManagement1">Director</in-capmkt:CategoryForChange><in-capmkt:DesignationOfDesignatedPerson contextRef="D_ChangeInManagement1">Non - Executive Non -Independent Director</in-capmkt:DesignationOfDesignatedPerson><in-capmkt:PositionOfDirectorInBoardTwo contextRef="D_ChangeInManagement1">Not Applicable</in-capmkt:PositionOfDirectorInBoardTwo><in-capmkt:PositionOfDirectorInBoardThree contextRef="D_ChangeInManagement1">Not Applicable</in-capmkt:PositionOfDirectorInBoardThree><in-capmkt:SalutationOfDesignatedPerson contextRef="D_ChangeInManagement1">Mr.</in-capmkt:SalutationOfDesignatedPerson><in-capmkt:NameOfDesignatedPerson contextRef="I_ChangeInManagement1">Ram Krishna Agarwal</in-capmkt:NameOfDesignatedPerson><in-capmkt:EffectiveDateOfReasonOfChange contextRef="I_ChangeInManagement1">2026-07-01</in-capmkt:EffectiveDateOfReasonOfChange><in-capmkt:TermOfAppointmentInMonths contextRef="D_ChangeInManagement1" unitRef="pure" decimals="INF">0</in-capmkt:TermOfAppointmentInMonths><in-capmkt:BriefProfile contextRef="D_ChangeInManagement1">Mr. Ram Krishna Agarwal, aged 73 years, is a qualified Chartered Accountant and has the rare distinction of being the recipient of Gold Medals for securing 1st Rank on all India basis in both the Intermediate and Final Examinations of the Institute of Chartered Accountants of India. He has been a Partner with S. R. Batliboi &amp; Co. (Member firm of EY) since 1978 and was the Managing Partner of the Firm at the time of his retirement in June, 2013. He was a director of Ernst &amp; Young India Pvt. Ltd. and a senior member of the leadership team (National Head- Assurance Services) of Ernst &amp; Young in India. He was a member of the Central Council of the Institute of Chartered Accountants of India during the years 1991-1997 and was a member of the Advisory Committee, Government of India, Ministry of Finance, Department of Company Affairs for the years 1996 to 1998. He is a former Director of The Institute of Internal Auditors, USA as well as the Past President of The Institute of Internal Auditors, India. Mr Agarwal has over 50 years post qualification experience in
various fields like Audit, Taxation, Company Law, Consultancy, including Merger &amp; Acquisition, Due Diligence, Valuation, etc. He has got wide exposure of various industries, including Steel, Paper, Cement, Automobiles, Dairy, Insurance, Financial Services, Information Technology, Engineering, Construction, Real Estates, etc. both in India and abroad. Mr. Agarwal has been associated with the Lions Clubs International since 1978 and was the District Governor of District-322B in the year 1989-90. He was also the Vice Chairman of Lions Coordination Committee of India in the year 1990-91.
Mr. Agarwal has been connected with various Chambers of Commerce like Confederation of Indian Industries (CII), Indian Chamber of Commerce, Indo-American Chamber of Commerce, Indo-Italian Chamber of Commerce, etc. as Committee Chairman/Executive Committee Member, Permanent Invitee, etc. He has
served as the Chairman of Services, Economic Affairs, Company Law and Taxation Sub-Committees of CII (Eastern Region) before being the Chairman of CII (Eastern Region) in 2012-13. He was the National Chairman of Direct Tax Sub-Committee of CII in the year 2013-14.
He is the Vice Chairman of Indian Cancer Society, West Bengal and Past President of Calcutta Society for Management Studies. He is also connected with quite a few charitable institutions as Trustee or member. Mr Agarwal sits on the Board of various companies, both listed and unlisted. He is also a member of many clubs including Tollygunge Club, Bengal Club, Bengal Rowing Club, Hindusthan Club, etc.</in-capmkt:BriefProfile><in-capmkt:DisclosureOfRelationshipsBetweenDirectorsInCaseOfAppointmentOfDirector contextRef="D_ChangeInManagement1">None</in-capmkt:DisclosureOfRelationshipsBetweenDirectorsInCaseOfAppointmentOfDirector><in-capmkt:AffirmationThatThePersonProposedToBeAppointedAsDirectorIsNotDebarredFromHoldingTheOfficeByVirtueOfAnySEBIOrderOrAnyOtherAuthority contextRef="D_ChangeInManagement1">true</in-capmkt:AffirmationThatThePersonProposedToBeAppointedAsDirectorIsNotDebarredFromHoldingTheOfficeByVirtueOfAnySEBIOrderOrAnyOtherAuthority><in-capmkt:WhetherTheDirectorBeingAppointedIsDisqualifiedFromHoldingTheOfficeOfDirectorPursuantToProvisionsOfSection164OfTheCompaniesAct2013 contextRef="D_ChangeInManagement1">false</in-capmkt:WhetherTheDirectorBeingAppointedIsDisqualifiedFromHoldingTheOfficeOfDirectorPursuantToProvisionsOfSection164OfTheCompaniesAct2013></xbrli:xbrl>
