The steps provided work exactly as described. I had a Lenovo A60+ and was able to factory reset it as well. There is a trick after pressing the Volume UP + Power button. Once the phone starts and you've pressed the buttons, at the moment you see the Download (exclamation mark) notice, release all the buttons and press Home button of the phone and you should be able to access the Recovery mode. Select Wipe data/Factory reset and the phone should be restored to factory defaults.