<?xml version="1.0" encoding="UTF-8" standalone="no"?><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2022-12-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2022-12-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2022-12-31/in-capmkt-roles" 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-2022-12-31.xsd" xlink:type="simple"/><xbrli:context id="OneI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ISIN">544008</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2025-09-06</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ISIN">544008</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2025-09-06</xbrli:startDate><xbrli:endDate>2025-09-06</xbrli:endDate></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:NameOfTheCompany contextRef="OneI">MAX ESTATES LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">MAXESTATES</in-capmkt:NSESymbol><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:EventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Acquisition (including agreement to acquire)</in-capmkt:EventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneI">2025-09-05</in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfReport contextRef="OneI">2025-09-06</in-capmkt:DateOfReport><in-capmkt:NameOfAcquirer contextRef="OneI">Max Estates Limited</in-capmkt:NameOfAcquirer><in-capmkt:RelationshipOfAcquirerWithTheListedEntity contextRef="OneD">Listed Entity (self)</in-capmkt:RelationshipOfAcquirerWithTheListedEntity><in-capmkt:NameOfTheTargetEntity contextRef="OneI">Base Buildwell Private Limited ("BBPL")</in-capmkt:NameOfTheTargetEntity><in-capmkt:TurnoverOfTargetEntity contextRef="OneD" decimals="-7" unitRef="INR">0</in-capmkt:TurnoverOfTargetEntity><in-capmkt:ProfitAfterTaxOfTargetEntity contextRef="OneD" decimals="-5" unitRef="INR">-100000</in-capmkt:ProfitAfterTaxOfTargetEntity><in-capmkt:NetWorthOfTargetEntity contextRef="OneD" decimals="-4" unitRef="INR">240180000</in-capmkt:NetWorthOfTargetEntity><in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions contextRef="OneD">false</in-capmkt:WhetherTheAcquisitionWouldFallWithinRelatedPartyTransactions><in-capmkt:WhetherAcquisitionEventRPTIsMaterial contextRef="OneD">false</in-capmkt:WhetherAcquisitionEventRPTIsMaterial><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupOrAssociateOrHoldingOrSubsidiaryCompaniesOrDirectorAndKMPAndItsRelativesHaveAnyInterestInTheEntityBeingAcquired contextRef="OneD">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupOrAssociateOrHoldingOrSubsidiaryCompaniesOrDirectorAndKMPAndItsRelativesHaveAnyInterestInTheEntityBeingAcquired><in-capmkt:WhetherAcquisitionIsDoneAtArmsLength contextRef="OneD">true</in-capmkt:WhetherAcquisitionIsDoneAtArmsLength><in-capmkt:DateOfSpecialResolutionForAcquisitionEvent contextRef="OneI">2025-05-26</in-capmkt:DateOfSpecialResolutionForAcquisitionEvent><in-capmkt:IndustryToWhichTheEntityBeingAcquiredBelongs contextRef="OneI">Real Estate</in-capmkt:IndustryToWhichTheEntityBeingAcquiredBelongs><in-capmkt:ObjectsAndEffectsOfAcquisitionIncludingButNotLimitedToDisclosureOfReasonsForAcquisitionOfTargetEntityIfItsBusinessIsOutsideTheMainLineOfBusinessOfTheListedEntity contextRef="OneI">Strategic acquisition of BBPL that holds the license and development rights of a land parcel admeasuring 7.25-acre, in Sector 59, Golf Course Extension Road, Gurugram.  
Estimated development potential: approx. 1.3 million sq. ft., projected booking value of approx. more than ₹3,000 crore. 
The acquisition aligns with the Company’s premium residential strategy in Delhi NCR.</in-capmkt:ObjectsAndEffectsOfAcquisitionIncludingButNotLimitedToDisclosureOfReasonsForAcquisitionOfTargetEntityIfItsBusinessIsOutsideTheMainLineOfBusinessOfTheListedEntity><in-capmkt:WhetherAnyGovernmentalOrRegulatoryApprovalsRequiredForTheAcquisition contextRef="OneD">Yes</in-capmkt:WhetherAnyGovernmentalOrRegulatoryApprovalsRequiredForTheAcquisition><in-capmkt:ProvideBriefDetailsOfAnyGovernmentalOrRegulatoryApprovalsForTheAcquisition contextRef="OneI">The closing of the acquisition of BBPL shall be subject to regulatory approvals and closing conditions.</in-capmkt:ProvideBriefDetailsOfAnyGovernmentalOrRegulatoryApprovalsForTheAcquisition><in-capmkt:WhetherTheAcquisitionTransactionWillBeInTranches contextRef="OneD">false</in-capmkt:WhetherTheAcquisitionTransactionWillBeInTranches><in-capmkt:IndicativeTimePeriodForCompletionOfTheAcquisition contextRef="OneI">The closing of the acquisition of BBPL shall be subject to regulatory approvals and closing conditions.</in-capmkt:IndicativeTimePeriodForCompletionOfTheAcquisition><in-capmkt:NatureOfConsiderationForAcquisitionEvent contextRef="OneD">Cash</in-capmkt:NatureOfConsiderationForAcquisitionEvent><in-capmkt:CostOfAcquisitionOrThePriceAtWhichTheSharesAreAcquired contextRef="OneD" decimals="-7" unitRef="INR">5340000000</in-capmkt:CostOfAcquisitionOrThePriceAtWhichTheSharesAreAcquired><in-capmkt:ExistingPercentageOfShareholdingHeldByAcquirer contextRef="OneI" decimals="INF" unitRef="pure">0</in-capmkt:ExistingPercentageOfShareholdingHeldByAcquirer><in-capmkt:BriefBackgroundAboutTheEntityAcquiredInTermsOfProductsLineOfBusinessAcquired contextRef="OneI">Base BuildWell Private Limited (BBPL), a company engaged in real estate development activities.

Authorised Share Capital: INR 1,00,000/- (Indian Rupees One Lakh Only) divided into 10,000 (Ten Thousand) Equity Shares of INR 10/- (Indian Rupees Ten Only) each. 

Paid-up Capital: INR 1,00,000/- (Indian Rupees One Lakh Only) divided into 10,000 (Ten Thousand) Equity Shares of INR 10/- (Indian Rupees Ten Only) each.</in-capmkt:BriefBackgroundAboutTheEntityAcquiredInTermsOfProductsLineOfBusinessAcquired><in-capmkt:StartYearOfFirstPreviousYear contextRef="OneI">2024</in-capmkt:StartYearOfFirstPreviousYear><in-capmkt:EndYearOfFirstPreviousYear contextRef="OneI">2025</in-capmkt:EndYearOfFirstPreviousYear><in-capmkt:TurnoverOfFirstPreviousYear contextRef="OneD" decimals="-7" unitRef="INR">0</in-capmkt:TurnoverOfFirstPreviousYear><in-capmkt:StartYearOfSecondPreviousYear contextRef="OneI">2023</in-capmkt:StartYearOfSecondPreviousYear><in-capmkt:EndYearOfSecondPreviousYear contextRef="OneI">2024</in-capmkt:EndYearOfSecondPreviousYear><in-capmkt:SecondPreviousYearTurnover contextRef="OneD" decimals="-7" unitRef="INR">0</in-capmkt:SecondPreviousYearTurnover><in-capmkt:StartYearOfThirdPreviousYear contextRef="OneI">2022</in-capmkt:StartYearOfThirdPreviousYear><in-capmkt:EndYearOfThirdPreviousYear contextRef="OneI">2023</in-capmkt:EndYearOfThirdPreviousYear><in-capmkt:ThirdPreviousYearTurnover contextRef="OneD" decimals="-7" unitRef="INR">0</in-capmkt:ThirdPreviousYearTurnover><in-capmkt:CountryInWhichTheAcquiredEntityHasPresence contextRef="OneI">India</in-capmkt:CountryInWhichTheAcquiredEntityHasPresence></xbrli:xbrl>