<?xml version="1.0" encoding="UTF-8" standalone="no"?><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:in-capmkt="http://www.sebi.gov.in/xbrl/2022-03-31/in-capmkt" xmlns:in-capmkt-roles="http://www.sebi.gov.in/xbrl/RelatedPartyTransactions/2022-03-31/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-types="https://www.sebi.gov.in/xbrl/2022-03-31/in-capmkt-types" 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-2022-03-31.xsd" xlink:type="simple"/><xbrli:context id="MainD"><xbrli:entity><xbrli:identifier 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scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">540530</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2022-04-01</xbrli:startDate><xbrli:endDate>2022-09-30</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:RelatedPartyTransactionAxis"><in-capmkt:RelatedPartyTransactionDomain>RelatedPartyTransactionDomain3</in-capmkt:RelatedPartyTransactionDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="RelatedPartyTransaction_PY3"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">540530</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2022-03-31</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:RelatedPartyTransactionAxis"><in-capmkt:RelatedPartyTransactionDomain>RelatedPartyTransactionDomain3</in-capmkt:RelatedPartyTransactionDomain></xbrldi:typedMember></xbrli:scenario></xbrli:context><xbrli:context id="RelatedPartyTransaction3"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">540530</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2022-09-30</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:typedMember dimension="in-capmkt:RelatedPartyTransactionAxis"><in-capmkt:RelatedPartyTransactionDomain>RelatedPartyTransactionDomain3</in-capmkt:RelatedPartyTransactionDomain></xbrldi:typedMember></xbrli:scenario></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="MainI">Housing and Urban Development Corporation Limited</in-capmkt:NameOfTheCompany><in-capmkt:ScripCode contextRef="MainI">540530</in-capmkt:ScripCode><in-capmkt:NSESymbol contextRef="MainI">HUDCO</in-capmkt:NSESymbol><in-capmkt:MSEISymbol contextRef="MainI">NOTLISTED</in-capmkt:MSEISymbol><in-capmkt:DateOfStartOfFinancialYear contextRef="MainD">2022-04-01</in-capmkt:DateOfStartOfFinancialYear><in-capmkt:DateOfEndOfFinancialYear contextRef="MainD">2023-03-31</in-capmkt:DateOfEndOfFinancialYear><in-capmkt:ReportingPeriod contextRef="MainD">First half yearly</in-capmkt:ReportingPeriod><in-capmkt:DateOfStartOfReportingPeriod contextRef="MainD">2022-04-01</in-capmkt:DateOfStartOfReportingPeriod><in-capmkt:DateOfEndOfReportingPeriod contextRef="MainD">2022-09-30</in-capmkt:DateOfEndOfReportingPeriod><in-capmkt:LevelOfRoundingUsedInFinancialStatements contextRef="MainD">Lakhs</in-capmkt:LevelOfRoundingUsedInFinancialStatements><in-capmkt:WhetherTheCompanyHasAnyRelatedParty contextRef="MainD">true</in-capmkt:WhetherTheCompanyHasAnyRelatedParty><in-capmkt:WhetherTheCompanyHasEnteredIntoAnyRelatedPartyTransactionDuringThePeriod contextRef="MainD">false</in-capmkt:WhetherTheCompanyHasEnteredIntoAnyRelatedPartyTransactionDuringThePeriod><in-capmkt:WeDeclareThatTheAcceptanceOfFixedDepositsByTheBansOrNonBankingFinanceCompanyAreAtTheTermsUniformlyApplicableOrOfferedToAllShareholdersOrPublic contextRef="MainD">NA</in-capmkt:WeDeclareThatTheAcceptanceOfFixedDepositsByTheBansOrNonBankingFinanceCompanyAreAtTheTermsUniformlyApplicableOrOfferedToAllShareholdersOrPublic><in-capmkt:WeDeclareThatTheScheduledCommercialBankAsPerRBICircularRBIDBR20151619DatedMarch032016HasAllowedAdditionalInterestOfOnePerCentPerAnnumOverAndAboveTheRateOfInterestMentionedInTheScheduleOfInterestRatesOnSavings contextRef="MainD">NA</in-capmkt:WeDeclareThatTheScheduledCommercialBankAsPerRBICircularRBIDBR20151619DatedMarch032016HasAllowedAdditionalInterestOfOnePerCentPerAnnumOverAndAboveTheRateOfInterestMentionedInTheScheduleOfInterestRatesOnSavings><in-capmkt:WhetherTheCompanyIsAHighValueDebtListedEntityAccordingToRegulation151A contextRef="MainD">true</in-capmkt:WhetherTheCompanyIsAHighValueDebtListedEntityAccordingToRegulation151A><in-capmkt:IfTheCompanyIsAHighValueDebtListedEntityAccordingToRegulation151AThenWhetherComplyingWithProvisoToRegulation239 contextRef="MainD">true</in-capmkt:IfTheCompanyIsAHighValueDebtListedEntityAccordingToRegulation151AThenWhetherComplyingWithProvisoToRegulation239><in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction contextRef="D_RelatedPartyTransaction1">HUDCO LTD.</in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction><in-capmkt:NameOfCounterParty contextRef="D_RelatedPartyTransaction1">Shri M. Nagaraj</in-capmkt:NameOfCounterParty><in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary contextRef="D_RelatedPartyTransaction1">Director &amp; Key management personnel of entity or parent</in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary><in-capmkt:TypeOfRelatedPartyTransaction contextRef="D_RelatedPartyTransaction1">Loan</in-capmkt:TypeOfRelatedPartyTransaction><in-capmkt:RemarksOnApprovalByAuditCommittee contextRef="D_RelatedPartyTransaction1">NA</in-capmkt:RemarksOnApprovalByAuditCommittee><in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod contextRef="D_RelatedPartyTransaction1" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction_PY1" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction1" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:NatureOfTheLoansOrInterCorporateDepositsOrAdvancesOrInvestments contextRef="D_RelatedPartyTransaction1">Loan</in-capmkt:NatureOfTheLoansOrInterCorporateDepositsOrAdvancesOrInvestments><in-capmkt:InterestRateOfLoansOrInterCorporateDepositsOrAdvancesOrInvestments contextRef="D_RelatedPartyTransaction1" decimals="INF" unitRef="pure">0</in-capmkt:InterestRateOfLoansOrInterCorporateDepositsOrAdvancesOrInvestments><in-capmkt:TenureOfLoansOrInterCorporateDepositsOrAdvancesOrInvestments contextRef="D_RelatedPartyTransaction1">NA</in-capmkt:TenureOfLoansOrInterCorporateDepositsOrAdvancesOrInvestments><in-capmkt:TypeOfOfLoansOrInterCorporateDepositsOrAdvancesOrInvestmentsSecuredOrUnsecured contextRef="D_RelatedPartyTransaction1">Unsecured</in-capmkt:TypeOfOfLoansOrInterCorporateDepositsOrAdvancesOrInvestmentsSecuredOrUnsecured><in-capmkt:PurposeForWhichTheFundsWillBeUtilisedByTheUltimateRecipientOfFundsForEndusage contextRef="D_RelatedPartyTransaction1">NA</in-capmkt:PurposeForWhichTheFundsWillBeUtilisedByTheUltimateRecipientOfFundsForEndusage><in-capmkt:RelatedPartyTransactionExplanatory contextRef="D_RelatedPartyTransaction1">&lt;div id="TEXTBLOCK" style="width: 100%; height: 100%;" contenteditable=""&gt;&lt;div&gt;Loan not availed&lt;/div&gt;&lt;/div&gt;</in-capmkt:RelatedPartyTransactionExplanatory><in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction contextRef="D_RelatedPartyTransaction2">HUDCO LTD.</in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction><in-capmkt:NameOfCounterParty contextRef="D_RelatedPartyTransaction2">Shri D. Guhan</in-capmkt:NameOfCounterParty><in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary contextRef="D_RelatedPartyTransaction2">Director &amp; Key management personnel of entity or parent</in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary><in-capmkt:TypeOfRelatedPartyTransaction contextRef="D_RelatedPartyTransaction2">Loan</in-capmkt:TypeOfRelatedPartyTransaction><in-capmkt:RemarksOnApprovalByAuditCommittee contextRef="D_RelatedPartyTransaction2">NA</in-capmkt:RemarksOnApprovalByAuditCommittee><in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod contextRef="D_RelatedPartyTransaction2" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction_PY2" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction2" decimals="-5" unitRef="INR">0</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:NatureOfTheLoansOrInterCorporateDepositsOrAdvancesOrInvestments contextRef="D_RelatedPartyTransaction2">Loan</in-capmkt:NatureOfTheLoansOrInterCorporateDepositsOrAdvancesOrInvestments><in-capmkt:InterestRateOfLoansOrInterCorporateDepositsOrAdvancesOrInvestments contextRef="D_RelatedPartyTransaction2" decimals="INF" unitRef="pure">0</in-capmkt:InterestRateOfLoansOrInterCorporateDepositsOrAdvancesOrInvestments><in-capmkt:TenureOfLoansOrInterCorporateDepositsOrAdvancesOrInvestments contextRef="D_RelatedPartyTransaction2">NA</in-capmkt:TenureOfLoansOrInterCorporateDepositsOrAdvancesOrInvestments><in-capmkt:TypeOfOfLoansOrInterCorporateDepositsOrAdvancesOrInvestmentsSecuredOrUnsecured contextRef="D_RelatedPartyTransaction2">Unsecured</in-capmkt:TypeOfOfLoansOrInterCorporateDepositsOrAdvancesOrInvestmentsSecuredOrUnsecured><in-capmkt:PurposeForWhichTheFundsWillBeUtilisedByTheUltimateRecipientOfFundsForEndusage contextRef="D_RelatedPartyTransaction2">NA</in-capmkt:PurposeForWhichTheFundsWillBeUtilisedByTheUltimateRecipientOfFundsForEndusage><in-capmkt:RelatedPartyTransactionExplanatory contextRef="D_RelatedPartyTransaction2">&lt;div id="TEXTBLOCK" style="width: 100%; height: 100%;" contenteditable=""&gt;&lt;div&gt;Loan not availed&lt;/div&gt;&lt;/div&gt;</in-capmkt:RelatedPartyTransactionExplanatory><in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction contextRef="D_RelatedPartyTransaction3">HUDCO LTD.</in-capmkt:NameOfListedEntityOrSubsidiaryEnteringIntoTheTransaction><in-capmkt:NameOfCounterParty contextRef="D_RelatedPartyTransaction3">Shri Harish Kumar Sharma</in-capmkt:NameOfCounterParty><in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary contextRef="D_RelatedPartyTransaction3">Key management personnel of entity or parent</in-capmkt:RelationshipOfTheCounterpartyWithTheListedEntityOrItsSubsidiary><in-capmkt:TypeOfRelatedPartyTransaction contextRef="D_RelatedPartyTransaction3">Loan</in-capmkt:TypeOfRelatedPartyTransaction><in-capmkt:RemarksOnApprovalByAuditCommittee contextRef="D_RelatedPartyTransaction3">NA</in-capmkt:RemarksOnApprovalByAuditCommittee><in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod contextRef="D_RelatedPartyTransaction3" decimals="-4" unitRef="INR">290000</in-capmkt:AmountOfRelatedPartyTransactionDuringTheReportingPeriod><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction_PY3" decimals="-3" unitRef="INR">682000</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:AmountOfRelatedPartyTransaction contextRef="RelatedPartyTransaction3" decimals="-3" unitRef="INR">392000</in-capmkt:AmountOfRelatedPartyTransaction><in-capmkt:NatureOfTheLoansOrInterCorporateDepositsOrAdvancesOrInvestments contextRef="D_RelatedPartyTransaction3">Loan</in-capmkt:NatureOfTheLoansOrInterCorporateDepositsOrAdvancesOrInvestments><in-capmkt:InterestRateOfLoansOrInterCorporateDepositsOrAdvancesOrInvestments contextRef="D_RelatedPartyTransaction3" decimals="INF" unitRef="pure">0.04</in-capmkt:InterestRateOfLoansOrInterCorporateDepositsOrAdvancesOrInvestments><in-capmkt:TenureOfLoansOrInterCorporateDepositsOrAdvancesOrInvestments contextRef="D_RelatedPartyTransaction3">Different tenures</in-capmkt:TenureOfLoansOrInterCorporateDepositsOrAdvancesOrInvestments><in-capmkt:TypeOfOfLoansOrInterCorporateDepositsOrAdvancesOrInvestmentsSecuredOrUnsecured contextRef="D_RelatedPartyTransaction3">Unsecured</in-capmkt:TypeOfOfLoansOrInterCorporateDepositsOrAdvancesOrInvestmentsSecuredOrUnsecured><in-capmkt:PurposeForWhichTheFundsWillBeUtilisedByTheUltimateRecipientOfFundsForEndusage contextRef="D_RelatedPartyTransaction3">Purchase of house (HBA), Household articles (Welfare Advance) &amp; expenses on festival (Festival Advance)</in-capmkt:PurposeForWhichTheFundsWillBeUtilisedByTheUltimateRecipientOfFundsForEndusage><in-capmkt:RelatedPartyTransactionExplanatory contextRef="D_RelatedPartyTransaction3">&lt;div id="TEXTBLOCK" style="width: 100%; height: 100%;" contenteditable=""&gt;&lt;div&gt;HBA is unsecured, tenure is for&amp;nbsp;6 years &amp;amp; there are multiple rates of Interest (3% to 5.5%).&lt;/div&gt;&lt;div&gt;Welfare Advance is unsecured, tenure is for&amp;nbsp;3 years&amp;nbsp;&amp;amp; Interest is @ 4%.&lt;/div&gt;&lt;div&gt;Festival Advance is unsecured, tenure is for&amp;nbsp;1&amp;nbsp;year&amp;nbsp;&amp;amp; is Interest Free.&lt;/div&gt;&lt;/div&gt;</in-capmkt:RelatedPartyTransactionExplanatory></xbrli:xbrl>