Xiaomi, one of the fastest growing OEMs in China, has announced the release of its first smartphone in India — the Xiaomi Mi 3. The handset sports top-of-the-line specs for a price that rivals even the Moto G in the value for money department.

Internally, the Mi 3 is powered by a Snapdragon 800 processor clocked at 2.3GHZ, an Adreno 330 GPU and comes with 2GB of LPDDR3 RAM. The front is adorned by a 5-inch 1080p display with a pixel density of 441 ppi.

Other specs include an F/2.2 13MP 28m wide-angle camera at the back, a 2MP shooter in the front, DiracHD sound, 16GB of internal storage, the usual bunch of connectivity features and sensors, and a 3050mAh non-removable battery.

On the software side, the Mi 3 will be running on Android 4.3 KitKat with Xiaomi’s MIUI skin on top of it. The handset will also come pre-loaded with Google’s suite of apps and services, which its Chinese sibling lacks.

Xiaomi will be selling the Mi 3 in India exclusively through the online retailer Flipkart for only Rs 14, 999 (~250), offering a never seen before price-to-performance and value-for-money ratio. In typical Xiaomi style though, the handset will only be available in limited quantities, so make up your mind whether you want one or not before it actually goes up for sale on July 15th.