Microsoft Devices announced its new low-cost Windows Phone handset today. The Lumia 535 is Microsoft's first own-branded Smartphone, having shed the "Nokia" branding from the device's naming scheme for good. To be precise, two Lumia 535 models were announced - single SIM and Dual SIM variants.

Apart from carrying an extra SIM card slot, both Lumia 535 variants are powered by a 1.2 GHz quad-core Snapdragon 200 processor. This is coupled with a 5-inch qHD (960 x 540) display, 1 GB RAM, 8 GB of internal storage, a microSD card slot, a 5 MP rear with auto-focus and LED flash, a 5 MP wide-angle front-facing cameras, 1,905 mAh batteries, dual SIM (optional) and Windows Phone 8.1 with Lumia Denim firmware out-of-the-box.

Microsoft's "budget" Lumia handsets aren't the most affordable in its lineup, at least not yet. The Lumia 535 is priced at €110, or $135. Its global rollout will kick-off from the end of November. Both the Lumia 535 and Lumia 535 Dual SIM will be available in cyan, bright green, bright orange, white, dark grey, and black color options.