<?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/ScripCode">544515</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-31</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="I_VestingOfOptions"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">544515</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-10-31</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:StageOfOptionsToPurchaseSecuritiesAsPerSubPara10OfParaBAxis">in-capmkt:VestingOfOptionsMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><in-capmkt:NSESymbol contextRef="MainI">URBANCO</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="MainI">URBAN COMPANY LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">544515</in-capmkt:ScripCode><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="MainI">INE0CAZ01013</in-capmkt:ISIN><in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">Options to purchase securities ESOPS (Sub-para 10-Para B)</in-capmkt:TypeOfEventAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII contextRef="MainI">New</in-capmkt:TypeOfAnnouncementAsPerRegulation30ParaBOfPartAOfScheduleIII><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting contextRef="MainI">false</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfTheBoardMeeting><in-capmkt:DateOfOccurrenceOfEventOrInformation contextRef="MainI">2026-10-30</in-capmkt:DateOfOccurrenceOfEventOrInformation><in-capmkt:TimeOfOccurrenceOfEventOrInformation contextRef="MainI">23:04:00</in-capmkt:TimeOfOccurrenceOfEventOrInformation><in-capmkt:DateOfReport contextRef="MainI">2026-10-31</in-capmkt:DateOfReport><in-capmkt:StageOfDisclosureOfOptionsToPurchaseSecurities contextRef="I_VestingOfOptions">Vesting of options</in-capmkt:StageOfDisclosureOfOptionsToPurchaseSecurities><in-capmkt:BriefDetailsOfOptionsGranted contextRef="I_VestingOfOptions">5,34,000  Stock Options have been
granted under ESOP Scheme 2015 as
determined by the Nomination and
Remuneration Committee.</in-capmkt:BriefDetailsOfOptionsGranted><in-capmkt:WhetherTheSchemeIsInTermsOfSEBISBEBRegulations2021 contextRef="I_VestingOfOptions">true</in-capmkt:WhetherTheSchemeIsInTermsOfSEBISBEBRegulations2021><in-capmkt:DetailsOfSharesCoveredByOptions contextRef="I_VestingOfOptions">Each Stock Option is convertible into one
fully paid-up equity share having face value
of ₹1 each.

5,34,000 equity shares of face value ₹1
each are covered by stock options granted.</in-capmkt:DetailsOfSharesCoveredByOptions><in-capmkt:PricingFormulaForOptions contextRef="I_VestingOfOptions">Exercise Price is ₹ 1/- per stock option</in-capmkt:PricingFormulaForOptions><in-capmkt:DetailsOfOptionsVested contextRef="I_VestingOfOptions">NA</in-capmkt:DetailsOfOptionsVested><in-capmkt:DetailsOfTimeWithinWhichOptionMayBeExercised contextRef="I_VestingOfOptions">Stock Options shall be capable of being
exercised anytime within a period of 10
(ten) years from the date of Vesting.</in-capmkt:DetailsOfTimeWithinWhichOptionMayBeExercised><in-capmkt:DetailsOfOptionsExercised contextRef="I_VestingOfOptions">NA</in-capmkt:DetailsOfOptionsExercised><in-capmkt:DetailsOfMoneyRealizedByExerciseOfOptions contextRef="I_VestingOfOptions">NA</in-capmkt:DetailsOfMoneyRealizedByExerciseOfOptions><in-capmkt:DetailsOfSharesArisingFromExerciseOfOptions contextRef="I_VestingOfOptions">NA</in-capmkt:DetailsOfSharesArisingFromExerciseOfOptions><in-capmkt:DetailsOfOptionsLapsed contextRef="I_VestingOfOptions">NA</in-capmkt:DetailsOfOptionsLapsed><in-capmkt:VariationInTermsOfOptions contextRef="I_VestingOfOptions">NA</in-capmkt:VariationInTermsOfOptions><in-capmkt:BriefDetailsOfSignificantTermsOfOptions contextRef="I_VestingOfOptions">ESOP Scheme 2015 also provides for the
manner in which Stock Options would be
dealt with in case of death, permanent
incapacity, resignation, termination,
retirement, abandonment etc.

The equity shares allotted, pursuant to the
exercise of the Stock Options, would not be
subject to lock-in.</in-capmkt:BriefDetailsOfSignificantTermsOfOptions><in-capmkt:DilutedEarningsPerSharePursuantToIssueOfEquitySharesOnExerciseOfOptions contextRef="I_VestingOfOptions">NA</in-capmkt:DilutedEarningsPerSharePursuantToIssueOfEquitySharesOnExerciseOfOptions><in-capmkt:RemarksForWebsiteDisseminationForOptionsToPurchaseSecuritiesUnderSEBISBEBSchemeAsPerSubPara10OfParaB contextRef="MainI">The "Vesting of Options" option has been selected under the "Stage of Disclosure" heading solely for validation purposes, although the information pertains to the Grant of 5,34,000 Stock Options under ESOP scheme 2015.</in-capmkt:RemarksForWebsiteDisseminationForOptionsToPurchaseSecuritiesUnderSEBISBEBSchemeAsPerSubPara10OfParaB></xbrli:xbrl>
