Xiaomi is out to start the year 2016 with a bang. Last year, the Chinese tech giant released a slew of smartphones that enjoyed success in the smartphone market. This year, Xiaomi plans to launch its next generation budget line, the Xiaomi Redmi 3.

According to a report with Tech Times, the Xiaomi Redmi 3 will initially be released in China on January 12. The new Redmi 3 was teased on numerous occasions. Fans of the Redmi line were able to get their hands on the next generation budget smartphone.

The new Redmi 3 is powered by a powerful Snapdragon 616 64-bit octa-core processor, and will come equipped with Adreno 405 graphics. The battery is not one to disappoint, boasting of an impressive one at 4,100 mAh. This is notably bigger than the Redmi 2 Prime's and Redmi Note 3's 2,200 mAh and 4,000 mAh batteries respectively.

The new Xiaomi Redmi 3 will also boast of a gorgeous diamond-patterned metal frame, along with a 13-megapixel rear camera and a 5-megapixel front camera that promises to deliver stellar pictures.

Other notable highlights of the latest Xiaomi budget phone are a 5-inch display with HD resolution of 1,280 x 720, 2 GB of RAM and16 GB of internal storage. This can be expanded up to 128 GB by the microSD card slot and Android Lollipop-based MIUI 7.

The budget phone also has a number of connectivity options that include Wi-Fi 802.11 b/g/n, 4G LTE, Bluetooth 4.1 and GPS. Despite the seemingly higher end specs, the Xiaomi Redmi 3 does not come with a fingerprint scanner. Based on its looks alone, the flagship resembles the Apple iPhone 6S, and sports a full metal body, which is an upgrade from the plastic offerings of the past, and a new diamond lattice. 

The Xiaomi flagship phone's dimension measures 5.48 x 2.74 x 0.33 inches and will weigh 0.32 pounds. Customers will also be able to choose from four color options that include Silver, Dark Gray, Gold and Classic Gold, The Indian Express reports.

Xiaomi has gained great influence in China with 14.7 percentage of the smartphone market for the first three quarters of 2015. Apple and Huawei came in second and third respectively.

Another highly anticipated phone from the Xiaomi line is the next flagship -- the Mi 5.  Hugo Barra, head of international, teased the phone on Twitter. No sneak peaks have been leaked of the next generation flagship as of yet. 

The Xiaomi Redmi 3 is initially available in China. The Chinese tech giant is yet to announce when the Redmi 3 will be made available in other countries. It has confirmed that the device will retail at CNY for $699 (roughly $106), though the global pricing will vary depending on the location.