Are there any particular games/franchises that you're keen on? What's your budget? There are pros and cons of buying gaming consoles - if you buy a game designed for one, rest assured it'll work on that console without problems, you needn't worry about system requirements etc. Also, it'll look exatly the same as the developer intended unlike different visuals for PC games (which depend on the graphics card you have installed). A PC is by far more versatile - you can do a helluva lot more, including modding games and attach loads of different peripherals of choice. If you don't like the feel of one type of mouse, you can attach another. Don't like your old joystick, swap it out for a new Force Feedback one.
For a general price range, search on http://ebay.in as a starting point. If there are markets in your city, where such electronic goods are available, check there for the latest prices/deals offered by vendors.