As per SammyHub, Samsung Galaxy Grand Neo will have a 5 inch display screen and will be powered by a quad-core processor. At back it will have a 5-megapixel rear camera, and a VGA front facing camera.
Grand Neo will have a 8GB internal storage with microSD card support, it will houses a 2,100mAh battery.As per software front it is likely to run on Android 4.3 Jelly Bean wrapped with TouchWiz UI.
SammyHub has also mentioned that there is another phone in pipeline, the Samsung Galaxy Grand Lite, which will also features a 5-inch WVGA display and will be powered by a 1.2GHz quad-core processor along with 1GB of RAM.
both devices are expected to be launched just before Mobile World Congress as Samsung always launched its devices just before the event.