<?xml version="1.0" encoding="UTF-8" standalone="no"?><!--IFFIndAs--><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2025-01-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/IntegratedFinance_IndAS/2025-01-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/IntegratedFinance_IndAS/2025-01-31/in-capmkt-roles" xmlns:in-capmkt-types="http://www.sebi.gov.in/xbrl/2025-01-31/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 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unitRef="INR">664100000</in-capmkt:PaidUpValueOfEquityShareCapital><in-capmkt:FaceValueOfEquityShareCapital contextRef="OneD" decimals="INF" unitRef="INRPerShare">2</in-capmkt:FaceValueOfEquityShareCapital><in-capmkt:BasicEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">-0.15</in-capmkt:BasicEarningsLossPerShareFromContinuingOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">-0.15</in-capmkt:DilutedEarningsLossPerShareFromContinuingOperations><in-capmkt:BasicEarningsLossPerShareFromDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">0</in-capmkt:BasicEarningsLossPerShareFromDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">0</in-capmkt:DilutedEarningsLossPerShareFromDiscontinuedOperations><in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">-0.15</in-capmkt:BasicEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations contextRef="OneD" decimals="INF" unitRef="INRPerShare">-0.15</in-capmkt:DilutedEarningsLossPerShareFromContinuingAndDiscontinuedOperations><in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock contextRef="OneD">1The financial results for the quarter ended June 30 2025 have been reviewed by the Audit Committee of the Board and subsequently approved by the Board of Directors at its meeting held on August 06 2025 in terms of Regulation 33 of SEBI Listing Obligations and Disclosure Requirements Regulations 2015 Further the same have been subjected to review by the statutory auditors of the Company &lt;BR&gt; 
 &lt;BR&gt; 
2 These unaudited financial results of the Group have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 Interim Financial Reporting prescribed under Section 133 of the Companies Act 2013 as amended read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations &lt;BR&gt; 
 &lt;BR&gt; 
4 The National Company Law Tribunal has passed an order on 14th July 2025 for initiation of Corporate Insolvency Resolution Process in respect of Hem Infrastructure and Property Developers Private Limited which is a Joint Venture entity of the Group This order was passed pursuant to a Petition filed by JM Financial Credit Solutions Ltd against HIPDPL by invoking corporate guarantee given by HIPDPL in respect of loans of around Rs 266 crores plus accrued interest advanced to Hem-Bhattad AOP JMFCSL has also initiated and secured orders under SARFAESI Act 2002 and attached property belonging to the HBAOP HIPDPL is in the process of filing an appeal to quash the said order and simultaneously the Company and HBAOP are also In discussion with JMFCSL for arriving at structured negotiated settlement of the dues &lt;BR&gt; 
 &lt;BR&gt; 
The carrying value of the Groups aggregate financial exposure is Rs 9184 Lakhs comprising investments as of 30th June 2025 The Group has not been able to assess the extent of recoverability of the investment considering the ongoing NCL T proceedings and measures being taken for settlement of liabilities of HIPDPL &lt;BR&gt; 
The Group in consultation with legal advisors is actively evaluating and pursuing appropriate legal and commercial remedies including the negotiations and challenging the NCL T order to safeguard its investment Pending the outcome of these actions the extent of recoverability of the aforesaid financial exposure &lt;BR&gt; 
cannot be assessed at this stage and therefore no adjustments have been made to the carrying amount of investment in the Consolidated Financial Results for the quarter ended 30th June 2025 The Group will continue to monitor the status of this matter in subsequent periods &lt;BR&gt; 
 &lt;BR&gt; 
5 During the quarter ended June 30 2025 the Holding Company has converted fully paid up 7727000 Unsecured Compulsorily Convertible Debentures of face value of Rs 2 each into equivalent number of equity shares on April 16 2025 at a conversion price of Rs 44 per share &lt;BR&gt; 
 &lt;BR&gt; 
6 Figures for the quarter ended March 31 2025 are the balancing figures between the audited figures in respect of the full year ended March 31 2025 and the unaudited figures for nine months ended December 31 2024 being the third quarter of the financial year which were subjected to limited review by auditors &lt;BR&gt; 
 &lt;BR&gt; 
7 The Group is primarily engaged only in the business of real estate development As the Group operates in a single business and geography the disclosure of such segmentwise information as defined in IND AS 108  Operating Segments is not required and accordingly not provided</in-capmkt:DisclosureOfNotesOnFinancialResultsExplanatoryTextBlock><in-capmkt:DescriptionOfOtherExpenses contextRef="OneExpenses1D">Other Expenses</in-capmkt:DescriptionOfOtherExpenses><in-capmkt:OtherExpenses contextRef="OneExpenses1D" decimals="-5" unitRef="INR">91000000</in-capmkt:OtherExpenses></xbrli:xbrl>