Registration and Gift of old Unregistered Property

Dear Sir, Greetings from my side. This is in relation to our flat in Mumbai purchased in the year 1981. Flat was purchased by my Grandfather in his name. STAMP DUTY OF RS.5 prevailing at that time was paid and the property was NOT REGISTERED. My grandfather died in the year 1991 without making any nomination and without any Will. My Grandmother died in the year 2001. My Grandfather has 4 sons and 4 daughters. There was dispute between the brothers for this flat. Sisters had no issue. Now in 2012 the dispute between the brothers was resolved and it was decided to transfer the property in name of my father(Age:61 with first name in Share Certificate) and one other brother(Age:71 and with Second/Joint name in Share Certificate). The other 2 brothers and all 4 sisters have given their Affidavit and No Objection. The flat has been transferred in name of my father and other brother in the society and on the Share Certificate.(based on Transfer papers submitted i.e Affidavit and No objection, Death Certificate, Advertisement in Newspaper etc.) Now the other brother(Second name in Share Cert.) wants to gift the property in name of my father (as per our internal discussion and some amount to be paid). Further that brother is not having any child. So my query is: 1. Should the property be first registered in name of both the brothers and then the gift deed should be made and registered. OR 2. Should I make the gift deed first and register it and then register the property only in my fathers name. Please help me with the best possible route from above or any other better alternative solution. Thanks and Regards in Advance. Hope to receive a positive reply.