Shape Memory Alloys (SMAs) are versatile functional materials with an I.Q of their own. This class of SMART Materials exhibit unique properties like superelasticity and shape memory effect (SME) which have made them suitable for potential applications. Although Ni-Ti SMAs have attracted attention ever since their inception in 1962, Cu based SMAs due to their ease in fabrication, cost effectiveness and high temperature properties are gaining immense popularity. This research aimed at the fabrication of Cu-14 Al-3.5 Ni (wt %) Shape Memory Alloy by a simple cost effective route and its characterization to correlate its structure and properties. The alloy of desired composition was melted in an Electric Resistance Furnace at 1473 K and cast in a metallic mould. Homogenization was carried out at 1123 K for twenty four hours followed by analysis of chemical composition by Optical Emission Spectroscopy. Transformation temperatures of the alloy were determined using Differential Scanning Calorimetry. Heat treatment operations were carried out at 1273 K for one hour followed by quenching in different media. Optical and SEM micrographs were taken at various magnifications and the formation of self accommodating martensite was observed which was further confirmed by X-Ray Diffraction technique. Further improvements in the mechanical properties of the alloy by quaternary additions of Mn and Ti have been cited. Finally, SME was observed in a rolled strip of the alloy, thus concreting the obtained results.