Rockstar has finally announced a release date for the open world game. But GTA 5 releases a bit later than expected.
Grand Theft Auto 5 was expected for spring 2013 but now it will launch on September 17 for PS3 and Xbox 360. Here's the statement from the developer:
"We know this is about four months 
later than originally planned and we know that this short delay will 
come as a disappointment to many of you, but, trust us, it will be worth
 the extra time. GTA V is a massively ambitious and complex game, and it
 simply needs a little more polish to be of the standard we and, more 
importantly, you require. To all Grand Theft Auto fans, please accept 
our apologies for the delay, and our promise that the entire team here 
is working very hard to make the game all it can be. We are doing all we
 can to help ensure it will meet if not exceed your expectations come 
September – we thank you for your support and patience."