Microsoft has finally announced the release date of its highly anticipated augmented reality headset HoloLens. The Windows 10-powered device will be shipped in the first quarter of the year 2016.

Besides the release date, the tech company also unveiled the cost of the highly-awaited gadget which will be $3,000 for the initial 'Developer Edition.'

Microsoft is using an invite-only basis in selling the HoloLens which require interested buyers to sign up at the company's website.

The multipurpose headgear that creates 3D CG objects offers a wide range of applications. The battery-operated Windows computer is designed by Microsoft to serve a meaningful purpose for its users.

The executive vice president of Microsoft's Windows and Devices group Terry Myerson has revealed that the upcoming device can be used in different areas in the industry.

"Whether it's for productivity, health care, design, or entertainment, HoloLens creates experiences that aren't possible on any other device, or any other platform," Myerson stated.

Earlier, the multinational tech company announced that it has decided to refocus the device and redesign it for developers and commercial customers. Consumers will not be able to avail the gadget if not invited.

Though the HoloLens was initially introduced for gaming during the E3 event last June, the company announced that it will not concentrate on said area for the first headset. But they promised to develop a gaming version of the headset soon.

Microsoft wants HoloLens to be a useful device for the greater good. Unlike the virtual reality headset oculus Rift and wearable device Google Glass which are available for everyone, the Redmond-based company is being cautious in disseminating their new product.

In fact, Microsoft is personally choosing the right developers and customers that will acquire HoloLens once released. Only two headsets will be given to each applicants but bigger companies will be given considerations.