<?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/2023-01-31/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2023-01-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2023-01-31/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-2023-01-31.xsd" xlink:type="simple"/><xbrli:context id="OneI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">EMBDL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-04-12</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">EMBDL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-12</xbrli:startDate><xbrli:endDate>2026-04-12</xbrli:endDate></xbrli:period></xbrli:context><xbrli:context id="D_UnitOrDivisionOrSubsidiary1"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/NSESymbol">EMBDL</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-04-12</xbrli:startDate><xbrli:endDate>2026-04-12</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember 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contextRef="OneI">EMBDL</in-capmkt:NSESymbol><in-capmkt:NameOfTheCompany contextRef="OneI">Embassy Developments Limited</in-capmkt:NameOfTheCompany><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:EventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Sale or disposal of unit(s)/division(s)/subsidiary</in-capmkt:EventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneI">2026-04-11</in-capmkt:DateOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:DateOfReport contextRef="OneI">2026-04-12</in-capmkt:DateOfReport><in-capmkt:TypeOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1">Subsidiary</in-capmkt:TypeOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:NameOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="I_UnitOrDivisionOrSubsidiary1">Sepset Real Estate Limited</in-capmkt:NameOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearTurnoverOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="0" unitRef="INR">185500000</in-capmkt:PreviousYearTurnoverOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfTurnoverOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="INF" unitRef="pure">0.0085</in-capmkt:PreviousYearPercentageOfTurnoverOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="0" unitRef="INR">0</in-capmkt:PreviousYearNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:PreviousYearPercentageOfNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity contextRef="D_UnitOrDivisionOrSubsidiary1" decimals="INF" unitRef="pure">0</in-capmkt:PreviousYearPercentageOfNetWorthOfUnitOrDivisionOrSubsidiaryOfTheListedEntity><in-capmkt:DateOnWhichTheAgreementForSaleHasBeenEnteredInto contextRef="OneI">2026-04-11</in-capmkt:DateOnWhichTheAgreementForSaleHasBeenEnteredInto><in-capmkt:TheExpectedDateOfCompletionOfSaleOrDisposal contextRef="OneI">2026-06-10</in-capmkt:TheExpectedDateOfCompletionOfSaleOrDisposal><in-capmkt:NatureOfConsiderationForSaleOrDisposal contextRef="OneD">Cash</in-capmkt:NatureOfConsiderationForSaleOrDisposal><in-capmkt:DetailsOfConsiderationForSaleOrDisposal contextRef="OneI">Aggregate cash consideration of INR 100 Crore (Indian Rupees One Hundred Crore only), to be received in one or more tranches, subject to levy of applicable withholding in accordance with the transaction documents</in-capmkt:DetailsOfConsiderationForSaleOrDisposal><in-capmkt:BriefDetailsOfBuyers contextRef="OneI">The purchaser is Pen India Limited. 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