The much-rumored Microsoft Lumia 535 is now finally official, arriving as the first smartphone to ditch the "Nokia" moniker from its name.

The new Lumia 535 made its debut at Microsoft's #MoreLumia event on Tuesday, Nov. 11, just as expected, launching as an entry-level handset with neat features on board and a low price tag.

The handset is targeted at budget-conscious shoppers, aiming to deliver the Windows Phone experience and everything it has to offer at a low price point. In terms of specifications, the new Lumia 535 falls in line with recent leaks, sporting a 5-inch IPS display with a qHD resolution of 960 x 540 and a quad-core Qualcomm Snapdragon 200 processor under the hood. Other specs include 1GB of RAM, 8GB of internal storage capacity, microSD card support for additional memory of up to 128GB, and 5-megapixel cameras on both its front and back. The rear camera also features an LED flash. The smartphone comes in both single-SIM and dual-SIM flavors.

"Today sees the launch of the new Microsoft Lumia 535, our '5x5x5' smartphone package bringing a 5-inch screen, 5-megapixel front- and rear-facing camera, and free integrated Microsoft experiences (such as Skype and OneNote) to more people at an affordable price," Microsoft touts in its announcement on Tuesday, Nov. 11.

The company further promises that its new Lumia 535 will always have the very latest version of Windows Phone on board, as it will receive "regular over-the-air updates." The handset will also pack 15GB of free OneDrive storage, as well as popular Windows Phone features such as Live Folders, Cortana, Word Flow, and Action Center. Moreover, the smartphone will rock the Lumia Denim Update right out of the box.

In terms of pricing, options, and availability, Microsoft said that its new Lumia 535 will hit China, Hong Kong, and Bangladesh first, launching later this month, with other regions to follow afterwards. The handset will cost €110 before taxes and subsidies, and will be available in bright green, bright orange, cyan, dark grey, white, and black.

It remains unclear at this point when the Microsoft Lumia 535 will make its debut in the U.S., but the company should offer more details in the near future. In the meantime, check out the video below to learn more about the handset.