The new smartphone, which is 4G LTE enabled and has a 5.5 inches full HD display, comes with a 1.7 Ghz octacore processor with a 2 GB RAM packed with the support of a T760 ARM Mali GPU for games.
It comes with a 13 megapixel rear camera with OmniVision Pure Cell image sensor for better photography and a 5 megapixel selfie camera.
It also has a 16 GB internal storage and external storage which can be expanded upto 32 GB via a memory card slot.
The device ships with Android 5.0 Lollipop with Lenovo's simplified Vibe UI on top.
Sudhin Mathur, director of Lenovo smartphones in India, said: "To further enhance our consumers' experience we are launching a device with great multi-tasking capabilities and unrivalled features at an affordable price."
"The K3 Note is certainly a disruptive offering with its future-proof features, superior multi-media experience and extraordinary performance."
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The device powered by a 3,000 mAH battery will start selling from July 2 after the registration phase is over. Registrations for the K3 Note will open on Thursday.
"Packed with new-age technology and unique features, the Lenovo K3 Note brings in the value disruption that our consumers have been asking us for a long time. We are confident that this is going to be one of the bestselling phones in the country," Amitesh Jha, vice-president of Flipkart, said.
Lenovo did not comment on the number of devices that would be sold on the first day.