Xiaomi today announced its fourth generation flagship handset for 2014 — the Mi 4. The handset offers top-of-the-line specs at an extremely low price point. 

The highlight of the Mi 4 is its design and build quality, which is reminiscent of the iPhone. It is made of stainless steel with chamfered edges even though the back of the device is still made of plastic.

Under the hood, the Mi 4 packs in a Snapdragon 801 processor clocked at 2.5GHz, 3GB of RAM, a 5-inch 1080p laminated display from JDI or Sharp and 16 or 64GB of internal storage. The usual bunch of connectivity options like Wi-Fi, Bluetooth, NFC and sensors like accelerometer, gyroscope are also present. The only notable inclusion is that of an IR blaster, which previous Mi devices have lacked.

The rear-camera houses a 13MP sensor from Sony with an aperture of F/1.8, while the front camera has an 8MP resolution. The rear camera is also capable of real time HDR and recording videos in 4K resolution. While the 3080mAh battery is non-removable, the back cover of the handset is user replaceable. Xiaomi will also be offering replaceable back covers for the handset made from wood and other materials like OnePlus.

The HSPA+/WCDMA variant of the Mi 4 will go on sale from July 29th, while the CDMA variant will be available sometime in August. The LTE variant will be the last to go up for sale in September. The company will be putting up 1 million units of Mi 4 for sale in the first couple of months.

As for the price, the Mi 4 keeps up with Xiaomi’s tradition of offering high-end smartphones at extremely low prices. The 16GB version will set users back by $320 (RMB 1999), while the 64GB variant will cost them $400 (RMB 2499).