The update is live on the official Micromax Indian FTP or you can get it from the smartphone's page over at XDA developers forum (just follow the source links)and flash it manually.
The update removes the M! Store, integrates new wallpapers and brings along the Project Butter.
The download is 282 MB and can you can find instructions on how to apply it manually in the link below.
Thanks, Pratip Babulu and NAJAM for sending this in!