I had a quick access to Lumia 535, and here is a quick look at the device.
Specs wise this is a good phone. A quad core snapdragon 200, 5" qVGA screen with Corning gorilla glass protection, 1GB RAM, 8GB internal storage expandable to 128GB, Windows Phone 8.1 with latest update.
Pricewise, you get this phone from stores for about 8700/-, where as online prices could be a bit lower.
I found the device to be really smooth, as with all the devices running windows phone. The main camera quality is ok (in comparison to Lumia 520, this one can't record a HD video, but has better lowlight performance due to presence of flash and slightly better camera sensor). The selfi camera too good, I have a feeling that it takes better shots than even my iPhone in some conditions. But then again the main camera is a hit and a miss (doesn't perform consistently as opposed to iPhone), is slow to load ( I have no idea if it will ever be fixed - hope there is with Windows 10).
Battery life seems to be fine, lasting over a day with quite heavy usage.
Other software features like Cortana work, but I think currently it is more of a novelty than actually getting things done. It is in Alpha release in India, so things are bound to improve.
I found that this device to terrific for sub 10k devices. The only gripe that I have with this device is that the rear camera is not upto mark. Other devices in this price category gave better specs, but run Android. And I can't recommend Android over Windows Phone to first time users, simply because the experience with Windows Phone is far superior and consistent. If you really want Android phone, the android one devices are a good bet, but the current phones in the market have almost homogenous specs which are best described as "OK" for an Android phone.