The iPad Mini 2 will have the price tag of $299.

Rumours claimed that iPad Mini 2 is speculated for release in June with almost the same price as other cheaper tablets.

The successor of the popular iPad Mini is rumoured to be released after the launch of Google's Nexus 7.7 in May. Thus, release date points to June. The iPad Mini was released at a price point to compete with the Nexus 7 and Amazon Kindle Fire range of tablets. It was slightly more expensive than both of those, with a starting price of $329 for the 16GB, $429 for a 32GB and $529 for a 64GB.

The starting price of the iPad Mini is slightly steeper than other tablets but rumours claimed that Apple is trying to change its pricing strategy in order to make its devices more competitive.

Apple hinted on its iTunes Note that all its future devices, including the iPad 5 and iPad Mini 2, will sport Retina Display.

Apple's upcoming coming out this year could arrive with a higher resolution Retina display and that might have just been confirmed by a note that Apple posted about all new apps for the App Store.

The note is for developers that make apps for the iOS software and it is pretty clear what Apple would like developers to do starting on May 1st of this year. After reading the note, one could come to the conclusion that Apple is suggesting it will only be dealing with Retina displays on all future iOS products.

According to reports, iPad Mini 2 will feature a screen with a resolution of 2048 x 1536. This is almost four times the resolution of the present iPad Mini and is equal to the fourth generation iPad which was released along with the iPad Mini last year. AU Optronics has been rumoured to be making displays for the iPad Mini 2.

Other specs include a more powerful dual core A7 processor and a 7.9 inch screen. It will also feature a 10-hour battery life, a FaceTime HD camera, and an iSight camera with 1080 pixels HD video recording. Apple is also trying to reduce the thickness of the iPad Mini 2 by using the Sharp's IGZO (indium gallium zinc oxide) technology in its screens.