Microsoft has been working on a phablet-sized smartphone that having impressive hardware specifications and carry an affordable price tag. The Redmond-headquartered tech giant's efforts have resulted in the development of Lumia 1330, which is expected to be released sometime during the second quarter of 2015.

According to Christian Today, although the company is yet to confirm the pricing of the device, it is expected to target the budget smartphone market. The report quotes GSMArena saying that the Lumia 1330 will come with a 5.7-inch screen size, rendering a 720p display.

The Lumia 1330 will have 1 GB of RAM, be equipped with Qualcomm's Snapdragon 400 chipset and run on a quad-core Krait 300 processor. The processor will be supplemented by Microsoft's signature Adreno 305 GPU.

The upcoming Lumia smartphone will sport an impressive primary camera, which is reported to present a maximum resolution of 14 megapixels, in addition to Carl Zeiss optics with a view to enhance the camera's image as well as video capturing quality. Apart from sporting a 5-megapixel front camera, the device will also be equipped with a large battery pack, as the Lumia 1330 itself will have a relatively large form.

The Lumia 1330 will have 32 GB internal storage capacity, but Microsoft is yet to confirm whether or not it will feature a microSD slot. In any case, consumers seeking to purchase a good budget smartphone will be delighted to learn that the Lumia 1330 may possibly support LTE connectivity. It is expected that a different variant, the Lumia 1335, will come with an LTE-Advanced connectivity.

The Lumia 1330 will run on Windows 8.1 out of the box. While Microsoft is yet to announce the date on which it will unveil the Lumia 1330, it is expected that the device will be introduced in the first quarter of the year. According to some reports, it could be launched sometime between April and June.