Xiaomi will be conducting a blogger meet on 25th in Bangalore and on 26th in Delhi. The Xiaomi Redmi 1S will be officially launched then. The price of Redmi 1S is already mentioned on their website i.e. Rs. 6,999.
Well I believe this is just a launch event and the handset will not be immediately available. Yes it will be sold via Flipkart probably within the next few days or weeks. For the price of under Rs. 7000 the Redmi 1S will be hit just like the Xiaomi Mi3. We will have to see if Xiaomi can manage good number of stocks at least for the 1S.
As far as the specs are concerned the Xiaomi Redmi 1S is a dual SIM handset powered by Qualcomm Snapdragon 400 quad core processor (MSM8228) clocked at 1.6GHz and coupled with Adreno 305 GPU. It will run MiUi version 5.
There is 1GB RAM, 8 Gigs of internal storage and micro SD card support of up to 64GB. There is an 8MP rear AF camera using the BSI sensor with LED flash support and another camera of 1.6MP resolution is placed on the front.
The IPS screen is 4.7 inches supporting 1280 x 720 pixels resolution. Key features are 3G, 2G, Bluetooth 4.0, Wi-Fi, Dirac sound / Hi-Fi sound support and GPS. The 1S houses a 2000 mAh battery. The handset did get listed on Flipkart with coming soon status but was removed soon.
Do watch out for availability dates, the company may follow the same procedure, i.e. register before and buy when the stocks are available.