People stand near a logo of Xiaomi ahead of the launching ceremony of Xiaomi Phone 4, in Beijing, July 22, 2014.REUTERS/Jason Lee

Xiaomi has proved the sceptics wrong by becoming one of the prominent smartphone makers of the world in a short span of time. People looked at with suspicion when the company started selling handsets with good specifications at a reasonable, or rather cheap, price.

The Redmi 1s sold like hot cakes in India when it was first made available via a flash sale in 2014. The release of other Xiaomi devices from different series like Mi and Redmi Note consolidated the company's position and fan base further in the country. There was so much buzz around the Redmi Note 2 when it was released in China last year, but the device didn't come to India due to a patent issue with Ericsson. Now, its successor, the Redmi Note 3, is all set to hit Indian stores.

[Read: Reason why MIUI fans will be disappointed with Xiaomi Redmi Note 3]

The Xiaomi Redmi Note and Redmi Note Prime were received well in India. After the disappointment over the Note 2 not being released in the country, Xiaomi fans will be able to grab the Redmi Note 3 soon, as it will be launched at an event in New Delhi's Talkatora Stadium on Wednesday.

The Redmi Note 3 will face stiff competition from the likes of LeEco Le 1s, Lenovo Vibe K4 Note and Huawei Honor 5X in the Indian market, but it appears like it can pull through with its impressive specifications and reasonable pricing.

[Read: Xiaomi Redmi Note 3 set to take on LeEco Le 1s, Lenovo K4 Note]

Xiaomi hasn't revealed the pricing of the Redmi Note 3, however, several reports have claimed that the handset will be priced below Rs. 15,000. If the pricing part turns out to be true, the new Note device from Xiaomi should find takers in India.

The Chinese smartphone maker took time to release the Redmi Note 3 in India as it had to replace MediaTek's Helio X10 Processor with Qualcomm Snapdragon 650 in the devices to be shipped to the country due to a patent issue with Ericsson.

The device is expected to be available in two variants -- 16GB internal storage with a 2GB RAM and 32GB internal storage with a 3GB RAM – in India. It would sport a 5.5-inch IPS LCD capacitive touchscreen with 1,080x1,920 pixels (403 ppi pixel density) and feature a fingerprint censor. Under the hood, it has a Qualcomm Snapdragon 650 processor, MIUI 7.0 based Android 5.0.2 Lollipop, a 16MP main camera with f/2.0 aperture, a 5MP secondary camera with f/2.0, and a non-removable Li-Po 4,000mAh battery.