Gift deed in favour of married daughters

By appointing a nominee you have just created a trust to take care of your property.

This is not a transfer of property.

If you want your property to be enjoyed by your children either during or after your lifetime then you may  transfer the property either by a registered conditional gift settlement deed stating that they can acquire the property after your lifetime or you can write a Will transferring the property to them as per your desire.

It is better that the senior citizen couple may execute a gift deed to their daughters equally or unequally, as you think. 

Very well analysed, opined and advised by learned experts, I endorse and appreciate their acumen.

You may consider and perfer to execute a conditional gift deed in favour of your daughters.

1. There may not be any stamp duty to be paid on inheritance after the demise of the owner to his family members. However, the probate of the will or the legal heir certificate will require payment of charges based on property value since the property is in Mumbai.
2. The owner may gift the property during the owner's lifetime with the condition that they will have the right to enjoy the property until the owner's death. However, there have been cases wehre the owner gifts the property and the children have thrown out the senior citizens (the Governement has passed a law regarding senior citizens, the children and their property). So request to be careful when doing so.
3. Transfer by inheritance is a better and safer alternative with respect to such issues and also for taxes etc.

Other than the daughters, are there any other (Class I) legal heirs?

If grand mother is alive she will also come under first class heir if not, no other childrens only 2 daughters they inherit it legally.