The vehicle will be available in three variants with the base variant priced at Rs 28.99 lakh, the mid version at Rs 33.99 lakh and top end at Rs 37.50 lakh (ex-showroom Delhi).
"We are confident that the new Q3 will bring in many new members to the Audi family much like it did since its launch and will further strengthen our dominance in compact luxury segment in India," Audi India Head Joe King told reporters here.
While the top-end price of the new Q3 has gone down Rs 1.09 lakh, the base variant price has moved up Rs 1.16 lakh compared with the earlier version. The mid variant has become costlier by Rs 1.49 lakh.
Earlier this month, Audi had launched its super sports car RS 6 Avant priced at Rs 1.35 crore (ex-showroom Delhi).
The new Audi Q3 is the fifth vehicle car to be launched in India by the company this year after the Audi R8LMX, the new Audi TT Coupe, the new Audi RS 7 Sportback and RS 6 Avant.
Audi plans to launch a total of 10 products in India this year as it looks to fend off stiff competition from rival Mercedes-Benz.
The company, which sells various popular brands including A3 sedan and Q5 sports utility vehicle, was overtaken by Mercedes-Benz in January-March this year.
While Audi posted a growth of 15 per cent in the March quarter at 3,139 units, Mercedes-Benz sold 3,566 units, up 40 per cent, from the year-ago period.
Audi posted a record sales in 2014-15 by selling 11,292 units, up 11.51 per cent from 10,126 units sold in 2013-14, and retained its top position in the Indian luxury car market ahead of rival Mercedes-Benz, which also clocked record sales in FY15 at 11,213 units, up 17.5 per cent from 9,548 units sold in the previous year.