iPhone 5 out in India’s grey market for Rs 1.3 Lakh

India may only be among the third wave of countries that will see the ‘official’ launch of the iPhone 5, but that doesn’t mean you can’t buy the device here already.

Apple’s latest flagship offering is already doing brisk trade in India, in the electronics grey markets of Heera Panna and Khan market, in Mumbai and Delhi respectively.

Firstpost’s sister site Tech2.com did some reconnaissance, and have found out some of the prices that have been announced in stores that already have the device up for sale.

According to their reports, the 16GB version of the phone costs approximately Rs 76,000, the 32GB version is Rs 85,000, and the 64GB version of the iPhone 5 is available at a whopping Rs 1,00,000. To put it in perspective, this is more than the 11-inch version of Apple’s new Macbook Air.

Apple CEO Time Cook with the iPhone 5: AP

According to the Economic Times, the phone is already doing a brisk trade in the grey markets and says:

A trader in Delhi’s upscale Khan Market, who asked not to be named, said he sold the first lot of iPhone 5s for 1.35 lakh a few days ago. Apple has not announced a launch date in India, though speculation is rife the device will be here ahead of the Diwali shopping season. Apple’s India website says iPhone 5 is “coming soon”.

Even the fact that the phone requires a nano sim card, something that no telecom company in Indian offers presently, it hasn’t deterred prospective buyers. However, they may not have long to wait with some telecom companies already placing orders for the smaller sim cards that are compatible with the new iPhone.

A quick search online, also shows that the phone is available on online sites like eBay. The cost of the 16GB model on the site ranges from a relatively low price of Rs 57,000 to an upper limit of Rs 84,000. However, the eBay offerings are also giving potential customers the choice of paying in EMI.

The main features of the iPhone 5 include a larger display, a thinner more lightweight body and updated design, which tech critics are all in love with. And so are customers, as is evidenced by the fact that the company sold 5 million phones in its first weekend!

The phone is expected to be released in India in October ahead of the Diwali shopping season, but if you are just too impatient to wait, and have the money to burn, you know where to go!