Lava Iris 406Q is listed in the company website with a tag price Rs. 7,999 (about 127 USD).

The new smartphone, Lava Iris 406Q features 4-inch display, 800X480 pixels resolution, 1.2 GHz quad core processor, Android v4.3 Jelly Bean OS, dual SIM, 3G, 1 GB RAM, 4 GB internal storage.

Full specifications of Lava Iris 406Q :

General
Model Lava Iris 406Q
Colour Black and White
Frequency Bands GSM 850/900/1800/1900MHz, WCDMA 2100MHz
Display
Type Capacitive Touch
Screen Size 10.16 cm (4″)
Resolution 800X480 pixels
Pixels of Density
Display Technology WVGA
Colour depth 16.7 Million
Hardware and Software
Processor Quad Core, 1.2 GHz
Graphics Core
Operating System Android v4.3 Jelly Bean, upgradable to Android 4.4 KitKat
SIM Dual SIM, WCDMA + GSM, (Dual Standby)
Internal and External Storage
External Storage up to 32 GB microSD card
Internal Storage (ROM) 4 GB
Internal RAM 1 GB
Camera
Rear 5.0 MP
Front 0.3 MP
Camera Features LED Flash
Battery
Capacity 1700mAH Li-ion
Talk-time
Standby Life
Other
FM Radio Yes
WiFi Yes
Bluetooth Yes, v4.0 Bluetooth Low Energy (BLE)
USB micro-USB v2.0
Mobile hotspot Yes
USB OTG Yes
3G support Yes
3.5mm audio jack Yes
GPS Yes, with AGPS
Dimensions 124mm X 64.5mm X 10.3mm
Weight
Sensors
Proximity Yes
Ambient Light Yes
Accelerometer Yes

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