Acer M5
Acer Aspire Timeline Ultra 5 is the company’s latest ultra book that starts at a very reasonable price of 680 dollars (~Rs 35,000). This clearly makes it cheapest ultrabook being offered from a recognized manufacture.

Specs:
14 inch display, 1366 x 768 pixel resolution, core i3 2377m processor, 6GB RAM and Intel HD 3000 graphics. Those specs are for the base model. However, in case you got 100 dollars extra, you can beef up those specs by slicing in Core i5-3317U Ivy Bridge processor, NVIDIA GeForce GT640M graphics with 1GB of video memory, and 4GB of RAM. Also check out Acer Iconia B1 review.
Acer will also be offering a model with 15.6 inch display that have 1366 x 768 pixel display, Core i5-3317U CPU, 6GB of RAM, and GeForce GT640M graphics, which will retail for 830 dollars.
Read Intel Core i5 3317u review to find out more about it.
Oh, and unlike other ultra books that do not come with optical drives and hard disks, this one comes with both – DVD writer and 500GB hard disk (+20GB SSD for fast boot and apps). Acer AO 725 review.
related queries: Acer laptop/ultrabook under 35000