Lava Iris 500 is listed in the company website with a tag price Rs 5499. It can be purchased in market up to Rs 5099.

The new smartphone, Lava Iris 500 features dual SIM (WCDMA+GSM), Android 4.4 KitKat OS, 1.3 GHz Dual Core processor, 5-inches IPS display, 5 MP Fixed Focus rear camera.
Full specifications of Lava Iris 500 :

General Form Touch Screen
Sim Dual SIM (WCDMA + GSM) with Dual Standby
Touch Screen Multi-touch, Capacitive Screen
Business Features E-Mail, To Do, Office Suite
Call Features Smart answering, Direct calling, Flip to mute, Hands free, Conference Call, Call Recorder
Handset Colour Black, White, Midnight Blue, Imperial Red
Platform Operating Frequency Dual Band, GSM 900/1800MHz, WCDMA 2100 MHz
Operating System Android v4.4 (Kitkat)
User Interface Standard Android User Interface
Java
Processor 1.3 GHz Dual Core
Display Size 12.7cm (5.0″)
Resolution FWVGA (854X480)
Color 16 Million
Other Display Features In-Plane Switching IPS
Camera Primary Camera 5 MP Fixed Focus
Secondary Camera VGA
Flash LED Flash
Video Recording HD (720p) Video Recording
HD Recording Yes
Zoom Digital Zoom
Other Camera Features HDR Mode, Burst Mode, Panaroma Mode
Dimensions Size 146.5mm X 72.2mm X 8.7mm
Weight 160 gm
Battery Type 1800 mAh Li-Ion Battery with Proximity Sensor
Talk Time (2G)
Talk Time (3G)
STANDBY TIME (WITH SINGLE SIM) 4.5 hours
Standby Time (3G)
Memory Internal 4GB ROM
Expandable Memory microSD, up to 32 GB
Memory 512 MB RAM
Internal memory for user 2.43 GB
Internet Internet Features YouTube, Gmail, Google Search, Google Play, Google Chrome
Navigation Google Maps
Preinstalled Browser Android Toolkit, Google Chrome
GPRS Yes
EDGE Not supported
3G yes
WiFi Wi-Fi  802.11 b/g/n
USB Connectivity Yes, USB v2.0 High Speed
Tethering Yes, dual (phone to PC and vica versa)
GPS Assisted GPS Support
Bluetooth BT 4.0
Audio Jack 3.5mm
OTG Support
Multimedia Music Player MP3, AAC , AAC+, WAV, MIDI, WMA Audio Formats Supported
Video Player HD (720p) playback, MPEG4, H.264, H.263 Video Codec Support, Android Video Player
FM Radio Yes, with recording
Other Features Sensors Accelerometer, Proximity Sensor, ALS
Google Voice Command Support

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