The company will reportedly also reveal the successor of Mi 4 and predecessor of Mi6, Mi5 in the country very soon. It has already customised Mi Note Pink Edition for ladies.  

The company recently offered price cut for Mi4 which can be taken as a hint that Xiaomi is going to launch the successor soon.

What makes this news is all the more exciting is that Mi 5 will be launched with the Lollipop version of MIUI, MIUI 7.

Xiaomi's MIUI accounts for one of the most popular third-party ROM but had also been attracting a lot of criticism as it hasn't implemented updated Lollipop version after its release.

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One such noticed criticism came from Micromax subsidiary YU, that has attacked Xiaomi for not adopting Lollipop update even after the months of its release.

Although, the company has stayed any word on the official release MIUI7,  AOKP, the custom ROM community teased that the work for building the new platform is under process and details have been sorted.

Team Kang announced that "a new and refreshed MIUI 7, which will be finally based on Android 5.1, and be coming on the Mi 5." The new version codenamed 'MiKangy', the official blogspot revealed.

The User Interface will be customised as per the users' needs after they spend some time with The ROM. The blog stated, "This new collaboration with Xiaomi is an entirely new project and should not be considered as having an effect on the future of AOKP".

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Xiaomi Mi5 features 5.5 IPS LCD inches display with 1440 x 2560 pixels resolution. The handset runs on Android OS, v5.0 (Lollipop). It is clocked at Quad-core 2.7 GHz Krait 450 processor paired with Adreno 420. It comes coupled with 3GB worth of RAM. On the memory front, it gets 32 GB of internal storage memory capacity which is non-expandable.

On the rear surface, the smartphone features a 16-megapixel camera with LED flash and an 8-megapixel camera on the font surface. It gets Wi-Fi 802.11 a/b/g/n/ac, dual-band, Wi-Fi Direct, DLNA and NFC for connectivity options.