Both the models would be available across the country as completely built up units, the car maker said.
"A new chapter in the fascinating history of high performance sports cars from BMW M GmbH is beginning," BMW Group India President Philipp von Sahr told reporters here.
The cars deliver superior performance with a newly developed six cylinder engine and light weight design, he added.
While the M3 is the fifth generation model, M4 Coupe is a brand new car.
Earlier this week, the company had launched an updated version of its M5 sedan in India, priced at Rs 1.35 crore (ex -showroom Delhi).
Taking a further step in sustainable mobility, BMW India also plans to introduce hybrid car i8 in 2014.
Besides, it is also looking to expand dealer network in the country by 2015-end by taking the overall number to 50 from 37 currently.
The company, which slipped behind German rivals Audi and Mercedes in the Indian market last year, is looking to recover ground by investing in the brand and new launches.
BMW India, which is wholly-owned subsidiary of the Germany's BMW Group, currently produces various vehicles at its Chennai facility including the 1 Series, 3 Series, X1 and X3.