<?xml version="1.0" encoding="UTF-8"?>
<!--REG30 V1.0 (16-10-2025)-->
<xbrli:xbrl xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2025-08-31/in-capmkt" xmlns:in-capmkt-ent="http://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2025-08-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/Regulation_30_Restructuring/2025-08-31/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" 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.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2025-08-31.xsd"/><xbrli:context id="OneI"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">533150</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-08-04</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="OneD"><xbrli:entity><xbrli:identifier scheme="http://www.sebi.gov.in/in-capmkt/ScripCode">533150</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-08-04</xbrli:startDate><xbrli:endDate>2026-08-04</xbrli:endDate></xbrli:period></xbrli:context><in-capmkt:ScripCode contextRef="OneI">533150</in-capmkt:ScripCode><in-capmkt:NameOfTheCompany contextRef="OneI">Godrej Properties Limited</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="OneI">GODREJPROP</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="OneI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:ISIN contextRef="OneI">INE484J01027</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">New</in-capmkt:TypeOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring contextRef="OneD">Amalgamation/ Merger</in-capmkt:TypeOfEventOfAnnouncementPertainingToRegulation30Restructuring><in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting contextRef="OneD">true</in-capmkt:WhetherEventOrInformationDisclosedIsAnOutcomeOfBoardMeeting><in-capmkt:DateOfBoardMeeting contextRef="OneI">2026-08-04</in-capmkt:DateOfBoardMeeting><in-capmkt:EndTimeOfBoardMeeting contextRef="OneD">11:25:00</in-capmkt:EndTimeOfBoardMeeting><in-capmkt:DateOfReport contextRef="OneI">2026-08-04</in-capmkt:DateOfReport><in-capmkt:WhetherTheAmalgamationOrMergerWouldFallWithinRelatedPartyTransactions contextRef="OneD">false</in-capmkt:WhetherTheAmalgamationOrMergerWouldFallWithinRelatedPartyTransactions><in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingAmalgamated contextRef="OneD">false</in-capmkt:WhetherThePromoterOrPromoterGroupOrGroupCompaniesIncludingAssociateOrHoldingOrSubsidiaryOrDirectorOrKMPOrSMPAndItsRelativesHaveAnyInterestInTheEntityBeingAmalgamated><in-capmkt:WhetherAmalgamationOrMergerIsDoneAtArmsLength contextRef="OneD">true</in-capmkt:WhetherAmalgamationOrMergerIsDoneAtArmsLength><in-capmkt:AreaOfBusinessOfTheEntitiesForAmalgamationOrMergerEvent contextRef="OneI">Both Godrej Housing Projects Private Limited (GHPPL or Transferor Company) and Godrej Properties Limited (GPL or Transferee Company) are engaged primarily in the business of real estate development.</in-capmkt:AreaOfBusinessOfTheEntitiesForAmalgamationOrMergerEvent><in-capmkt:RationaleForAmalgamationOrMerger contextRef="OneI">1. Consolidation of real estate business. There are several commonalities and synergistic linkages, and the consolidation of real estate business will result in operational efficiency;
2. Ensuring a streamlined group structure by reducing the number of legal entities in the group and reducing the multiplicity of legal and regulatory compliances required;
3. Pooling of the technical resources, personnel, capabilities, skills and expertise leading to optimum use of infrastructure, cost reduction and efficiencies, reduction of administrative and operational costs;
4. Administrative and operational convenience, elimination of duplication of communication and co-ordination efforts;
5. Rationalization of costs by eliminating multiple record keeping and administrative functions; and
6. Reducing time and efforts for consolidation of financials at the group level.</in-capmkt:RationaleForAmalgamationOrMerger><in-capmkt:NatureOfConsiderationForAmalgamationOrMerger contextRef="OneD">Others</in-capmkt:NatureOfConsiderationForAmalgamationOrMerger><in-capmkt:DetailsOfConsiderationForAmalgamationOrMerger contextRef="OneI">The Transferor Company is a wholly owned subsidiary of the Transferee Company, and the entire share capital of the Transferor Company is indirectly held by the Transferee Company. Therefore, upon the scheme becoming effective, the Transferee Company would not be required to issue and allot any shares to the shareholders of the Transferor Company.</in-capmkt:DetailsOfConsiderationForAmalgamationOrMerger><in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfListedEntityForAmalgamationOrMerger contextRef="OneI">There will be no change in the shareholding pattern of GPL pursuant to the proposed Scheme as no shares are being issued by GPL in consideration of the proposed Scheme.</in-capmkt:BriefDetailsOfChangeInShareholdingPatternOfListedEntityForAmalgamationOrMerger><in-capmkt:AnyOtherBriefSignificantInformationForAmalgamationOrMerger contextRef="OneI">NA</in-capmkt:AnyOtherBriefSignificantInformationForAmalgamationOrMerger></xbrli:xbrl>
