The update is available as an OTA update and has a size of 388MB so it is suggested that you download it over Wi-Fi only.
The official changelog of the update reads as:
OS Upgrade : [ KitKat OS 4.4.2]Music Album art will now be displayed on the lock screen while playing music.Improved user interface.You cannot revert to the older version of Android after the updateWhere is my Perry, Toy Story and Kingsoft office will be removed after the upgrade due to its large size and risk of incompatibilityIn case you come across an issue while updating, contact your nearest Micromax service centre for a manual upgrade.
We’d love to hear from you if any of you have the device and have started receiving the update. The smartphone costs Rs 19,999 and is the flagship octa core offering from Micromax. It comes with a good set of specifications and is the one helping Micromax touch the Rs 20,000 price barrier.
Key Specs
Micromax has already started launching a slew of budget handsets running on Android KitKat. And now the flgaship runs on it too. Source