Android One is Google’s initiative to help smartphone makers deliver inexpensive Android phones that provide a high quality user experience. Google provides the software and helps device makers choose hardware that’s known to work well, and the end result are phones that sell for around $100 and up and which feature software support and updates delivered by Google.
But if you’ve got one of the first Android One phones and would rather have experimental features than official support, you can unlock the bootloader, install a custom recovery, and replace the software that came with your phone with a custom ROM.
It’s now possible to install CyanogenMod on an Android One smartphone.

CyanogenMod is a custom version of Android based on Android Open Source Project code. It’s known for offering users more customization options than you get from Google. You can also sign up for an optional CyanogenMod account if you want to use the company’s new remote lock and wipe features, among other things.
Developer varun.chitre15 has ported CyanogenMod 11 to run on Android One devices and reports that sensors, graphics, touchscreen, cameras, sensors, and phone call functions are working.
As of October 7th, 2014 there are still a few important things that are not working, including WiFi and aGPS. Mobile data is also only partially working.
The first Android One phones are powered by MediaTek processors and offered by Micromax, Spice, and Karbonn in India.
via xda-developers