The Heusler alloys that exhibit reversible martensitic transition show multifunctional properties including magnetic shape memory effect. The properties of two kinds of magnetic shape memory alloys are studied, where magnetic field-induced strain is driven by two different mechanisms. The properties differ in martensitic phase with composition and thus they are studied in martensitic phase. The crystal structure (Xray diffraction), magnetic behaviour (SQUID), transport analysis (four-probe method), magneto-transport trend (up to 8 T), magnetocaloric effect (around room-temperature), electronic structure (X-ray photoelectron spectroscopy and ab initio calculation), surface characterization (ultraviolet photoelectron spectroscopy and inverse photoelectron spectroscopy) are discussed for the matensitic phase. Analysis of the properties reveals alloys with possible applicability at room temperature with low magnetic field.