<?xml version="1.0" encoding="UTF-8"?>
<!--REG30PARAB V1.0 (01-06-2026)-->
<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2026-04-30/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Regulation_30_Para_B_Of_Part_A_Of_Schedule_III/2026-04-30/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/2026-04-30/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-2026-04-30.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/NSESymbol">VR</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-06</xbrli:instant></xbrli:period></xbrli:context><xbrli:unit id="INR"><xbrli:measure>iso4217:INR</xbrli:measure></xbrli:unit><in-capmkt:NSESymbol contextRef="MainI">VR</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">V R Infraspace Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">000000</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE0QQM01017</in-capmkt:ISIN><in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">Giving of guarantees or indemnity (Sub-para 11-Para B)</in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">Revision</in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting contextRef="MainI">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting><in-capmkt:DateOfOccurrenceOfEventOrInformation contextRef="MainI">2026-10-06</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">15:47:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:DateOfInitialAnnouncement contextRef="MainI">2026-07-31</in-capmkt:DateOfInitialAnnouncement><in-capmkt:DateOfLatestAnnouncement contextRef="MainI">2026-10-06</in-capmkt:DateOfLatestAnnouncement><in-capmkt:DateOfReport contextRef="MainI">2026-10-06</in-capmkt:DateOfReport><in-capmkt:EventTypeOfGuaranteeOrIndemnityOrSurety contextRef="MainI">Giving guarantees</in-capmkt:EventTypeOfGuaranteeOrIndemnityOrSurety><in-capmkt:NameOfPartyForWhomGuaranteeOrIndemnityOrSuretyWasGiven contextRef="MainI">Daxon Realty Limited, Subsidiary Company</in-capmkt:NameOfPartyForWhomGuaranteeOrIndemnityOrSuretyWasGiven><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesHaveAnyInterestInGuaranteeOrIndemnityOrSuretyTransaction contextRef="MainI">true</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesHaveAnyInterestInGuaranteeOrIndemnityOrSuretyTransaction><in-capmkt:NatureOfInterestAndDetailsThereofInGuaranteeOrIndemnityOrSuretyTransaction contextRef="MainI">Yes, Mr. Bhavesh Sojitra, Member of Promoter Group is a Director &amp; Member of Daxon Realty Limited.</in-capmkt:NatureOfInterestAndDetailsThereofInGuaranteeOrIndemnityOrSuretyTransaction><in-capmkt:WhetherTheGuaranteeOrIndemnityOrSuretyIsDoneAtArmsLength contextRef="MainI">true</in-capmkt:WhetherTheGuaranteeOrIndemnityOrSuretyIsDoneAtArmsLength><in-capmkt:BriefDetailsOfGuaranteeOrIndemnityOrSurety contextRef="MainI">The Company provided Corporate Guarantee in favour of the lender i.e., Indian Bank, in respect of loan facilities aggregating to INR 14.35 Crore (Indian Rupees Fourteen Crore Thirty-Five Lakhs only) availed by Daxon Realty Limited, Subsidiary Company.</in-capmkt:BriefDetailsOfGuaranteeOrIndemnityOrSurety><in-capmkt:SignificantTermsAndConditionsOfGuaranteeOrIndemnityOrSurety contextRef="MainI">The Company provided Corporate Guarantee in favour of the lender i.e., Indian Bank, in respect of loan facilities aggregating to INR 14.35 Crore (Indian Rupees Fourteen Crore Thirty-Five Lakhs only) availed by Daxon Realty Limited, Subsidiary Company.</in-capmkt:SignificantTermsAndConditionsOfGuaranteeOrIndemnityOrSurety><in-capmkt:AmountOfGuaranteeOrIndemnityOrSurety contextRef="MainI" unitRef="INR" decimals="0">143500000</in-capmkt:AmountOfGuaranteeOrIndemnityOrSurety><in-capmkt:ImpactOfGuaranteeOrIndemnityOrSuretyOnListedEntity contextRef="MainI">The Corporate Guarantee provided is a contingent liability for the Company. The financials of Daxon Realty Limited shall be consolidated with the financials of the Company and hence, there is no impact on the Company.</in-capmkt:ImpactOfGuaranteeOrIndemnityOrSuretyOnListedEntity></xbrli:xbrl>
