<?xml version="1.0" encoding="UTF-8" standalone="no"?><!--ICGIG V1.1 (01-01-2026)--><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2024-12-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/IntegratedGovernance/2024-12-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/IntegratedGovernance/2024-12-31/in-capmkt-roles" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2024-12-31/in-capmkt-types" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xlink="http://www.w3.org/1999/xlink"><link:schemaRef xlink:href="in-capmkt-ent-2024-12-31.xsd" xlink:type="simple"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-01-01</xbrli:startDate><xbrli:endDate>2026-03-31</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-03-31</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="PY_I"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">000000</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-12-31</xbrli:instant></xbrli:period></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit><in-capmkt:ScripCode contextRef="MainI">000000</in-capmkt:ScripCode><in-capmkt:Symbol contextRef="MainI">SAJHOTELS</in-capmkt:Symbol><in-capmkt:MSEISymbol contextRef="MainI">NA</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE00MT01022</in-capmkt:ISIN><in-capmkt:NameOfTheCompany contextRef="MainI">SAJ HOTELS LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:DateOfStartOfFinancialYear contextRef="MainI">2025-04-01</in-capmkt:DateOfStartOfFinancialYear><in-capmkt:DateOfEndOfFinancialYear contextRef="MainI">2026-03-31</in-capmkt:DateOfEndOfFinancialYear><in-capmkt:ReportingQuarter contextRef="MainI">Yearly</in-capmkt:ReportingQuarter><in-capmkt:DateOfEndOfReportingPeriod contextRef="MainI">2026-03-31</in-capmkt:DateOfEndOfReportingPeriod><in-capmkt:TypeOfCompany contextRef="MainD">SME</in-capmkt:TypeOfCompany><in-capmkt:WhetherPartAOfAnnexureIOfTheSEBICircularDated31December2024RelatedToComplianceReportOnCorporateGovernanceIsApplicableToTheEntity 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contextRef="MainD">0</in-capmkt:TypeOfSecurityOfKMPsOrAnyOtherEntityControlledByThem><in-capmkt:AggregateValueOfSecurityProvidedDuringSixMonthsOfSecurityInConnectionWithLoanOrAnyOtherDebtAvailByKMPsOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" unitRef="INR">0</in-capmkt:AggregateValueOfSecurityProvidedDuringSixMonthsOfSecurityInConnectionWithLoanOrAnyOtherDebtAvailByKMPsOrAnyOtherEntityControlledByThem><in-capmkt:BalanceOutstandingAtTheEndOfSixMonthsOfSecurityInConnectionWithLoanOrAnyOtherDebtAvailByKMPsOrAnyOtherEntityControlledByThem contextRef="MainD" decimals="0" unitRef="INR">0</in-capmkt:BalanceOutstandingAtTheEndOfSixMonthsOfSecurityInConnectionWithLoanOrAnyOtherDebtAvailByKMPsOrAnyOtherEntityControlledByThem><in-capmkt:Affirmations contextRef="MainD">All loans (or other form of debt), guarantees, comfort letters (by whatever name called) or securities in connection with any loan(s) (or other form of debt) given directly or indirectly by the listed entity to promoter(s), promoter group, director(s) (including their relatives), key managerial personnel (including their relatives) or any entity controlled by them are in the economic interest of the company.</in-capmkt:Affirmations><in-capmkt:ComplianceStatus contextRef="MainD">true</in-capmkt:ComplianceStatus><in-capmkt:AdditionalDisclosureNameOfSignatory contextRef="MainD">	Usha Ghelani</in-capmkt:AdditionalDisclosureNameOfSignatory><in-capmkt:AdditionalDisclosureDesignation contextRef="MainD">CFO</in-capmkt:AdditionalDisclosureDesignation><in-capmkt:AdditionalDisclosurePlace contextRef="MainD">Mumbai</in-capmkt:AdditionalDisclosurePlace><in-capmkt:AdditionalDisclosureDate contextRef="MainI">2026-04-27</in-capmkt:AdditionalDisclosureDate></xbrli:xbrl>