changing a file when the inode modified time of the other file changes

i have a requirement where i needed to change variable values in a properties file(first file) whenever there is change to Release details file(second file). My question is do i have to create a daemon process that always checks the modified time/inode change of the second file and then change the first file. For that i need to capture the current inode modified time of the second file in a variable and then make changes to the first file and also reset the varaible in the daemon script to the latest inode modified time.

Is there any other way other of doing it other than the above process.

It sounds valid. If a check with an interval of not less than every minute is okay for you, you could just trigger that script by cron. If you write a little shell script demon, don't forget to put at least a sleep 1 in it so that it does not bring your box to 100% CPU usage.
Instead of checking mtime you could also use cksum to see if something has been changed.