By the release of Android 5.0 Lollipop, many OEM's have declared respective update schedule for their devices and there hasn't been any news on updates for Android One devices. However, Spice says it will deliver the Lollipop update for the Dream Uno by the end of January.
There is no word on the updates for Micromax Canvas A1 and the Karbonn Sparkle V and it is assumed that they will also get OTA updates along with Spice Dream Uno. The update maybe rolled out on mid-December or January.
Android One devices are using hardware which is recommended by Google itself. They provides unmodified Android experience just like that's on Nexus devices. Since Google is already releasing Lollipop bits to their Nexus line of devices, The update for Android One devices are not far away.
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