<?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 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unitRef="pure">1</in-capmkt:PostBuybackTotalPercentageOfSharesForAmalgamationOrMergerEvent><in-capmkt:NameOfTheAmalgamatedEntity contextRef="I_AmalgamatedEntity2">NIRMAL LIFESTYLE REALTY  PRIVATE LIMITED</in-capmkt:NameOfTheAmalgamatedEntity><in-capmkt:TypeOfAmalgamatedEntity contextRef="D_AmalgamatedEntity2">Transferor</in-capmkt:TypeOfAmalgamatedEntity><in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities contextRef="D_AmalgamatedEntity2">Subsidiary</in-capmkt:RelationshipOfAmalgamatedEntityWithListedEntities><in-capmkt:PreBuybackNumberOfSharesUnderPromoterAndPromoterGroupCategoryForAmalgamationOrMergerEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">10000</in-capmkt:PreBuybackNumberOfSharesUnderPromoterAndPromoterGroupCategoryForAmalgamationOrMergerEvent><in-capmkt:PreBuybackPercentageOfSharesUnderPromoterAndPromoterGroupCategoryForAmalgamationOrMergerEvent contextRef="I_AmalgamatedEntity2" decimals="INF" 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unitRef="pure">0</in-capmkt:PostBuybackPercentageOfSharesUnderPromoterAndPromoterGroupCategoryForAmalgamationOrMergerEvent><in-capmkt:PostBuybackNumberOfSharesUnderPublicCategoryForAmalgamationOrMergerEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">0</in-capmkt:PostBuybackNumberOfSharesUnderPublicCategoryForAmalgamationOrMergerEvent><in-capmkt:PostBuybackPercentageOfSharesUnderPublicCategoryForAmalgamationOrMergerEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">0</in-capmkt:PostBuybackPercentageOfSharesUnderPublicCategoryForAmalgamationOrMergerEvent><in-capmkt:PostBuybackNumberOfSharesUnderOtherCategoryForAmalgamationOrMergerEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">0</in-capmkt:PostBuybackNumberOfSharesUnderOtherCategoryForAmalgamationOrMergerEvent><in-capmkt:PostBuybackPercentageOfSharesUnderOtherCategoryForAmalgamationOrMergerEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">0</in-capmkt:PostBuybackPercentageOfSharesUnderOtherCategoryForAmalgamationOrMergerEvent><in-capmkt:PostBuybackTotalNumberOfSharesForAmalgamationOrMergerEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="shares">0</in-capmkt:PostBuybackTotalNumberOfSharesForAmalgamationOrMergerEvent><in-capmkt:PostBuybackTotalPercentageOfSharesForAmalgamationOrMergerEvent contextRef="I_AmalgamatedEntity2" decimals="INF" unitRef="pure">0</in-capmkt:PostBuybackTotalPercentageOfSharesForAmalgamationOrMergerEvent><in-capmkt:WhetherTheAmalgamationOrMergerWouldFallWithinRelatedPartyTransactions contextRef="OneD">false</in-capmkt:WhetherTheAmalgamationOrMergerWouldFallWithinRelatedPartyTransactions><in-capmkt:WhetherAmalgamationOrMergerEventRPTIsMaterial contextRef="OneD">false</in-capmkt:WhetherAmalgamationOrMergerEventRPTIsMaterial><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupOrAssociateOrHoldingOrSubsidiaryCompaniesOrDirectorAndKMPAndItsRelativesHaveAnyInterestInTheEntityBeingAmalgamated contextRef="OneD">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupOrAssociateOrHoldingOrSubsidiaryCompaniesOrDirectorAndKMPAndItsRelativesHaveAnyInterestInTheEntityBeingAmalgamated><in-capmkt:WhetherAmalgamationOrMergerIsDoneAtArmsLength contextRef="OneD">false</in-capmkt:WhetherAmalgamationOrMergerIsDoneAtArmsLength><in-capmkt:AreaOfBusinessOfTheEntitiesForAmalgamationOrMergerEvent contextRef="OneI">Real Estate Development and Hospitality</in-capmkt:AreaOfBusinessOfTheEntitiesForAmalgamationOrMergerEvent><in-capmkt:RationaleForAmalgamationOrMerger contextRef="OneI">As disclosed in stock exchange submission dated January 20, 2025</in-capmkt:RationaleForAmalgamationOrMerger><in-capmkt:NatureOfConsiderationForAmalgamationOrMerger contextRef="OneD">Others</in-capmkt:NatureOfConsiderationForAmalgamationOrMerger><in-capmkt:DetailsOfConsiderationForAmalgamationOrMerger contextRef="OneI">The entire issued, subscribed and paid-up equity share capital of Transferor Company is held by the Transferee Company and/ or its nominee(s). Upon the Scheme becoming effective, no shares of the Transferee Company shall be allotted in lieu or exchange of the holding of equity shares in Transferor Company and the entire issued, subscribed and paid up share capital of the Transferor Company shall stand automatically cancelled.</in-capmkt:DetailsOfConsiderationForAmalgamationOrMerger><in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfListedEntityForAmalgamationOrMerger contextRef="OneI">Not Applicable</in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfListedEntityForAmalgamationOrMerger><in-capmkt:AnyOtherBriefSignificantInformationForAmalgamationOrMerger contextRef="OneI">The Scheme will come into effect from the date of filing of the certified copy of Order with the Registrar of Companies, Mumbai, Maharashtra (i.e. the ‘Effective Date’ as per the Scheme).</in-capmkt:AnyOtherBriefSignificantInformationForAmalgamationOrMerger></xbrli:xbrl>