My vote will go in favour of console gaming. I have been an avid PC gamer myself and i am now convinced that console is better, more enjoyable and hassle free.
As far as your budget is concerned, it will buy you a decent enough pc to compete with xbox 360 atleast...however, PS3 has its own charms, graphics and processing power which by far, are one of the best to deliver an enthralling gaming experience. Moreover, keep in mind that going for PC gaming will ask for more hardware updates as compared to console gaming. As new games arrive, they are optimized for newer graphics card that are thrown in the market on a monthly basis atleast, which means upgrades for the RICHER EXPERIENCE of games. And as you can see, last year and before, it was all about the i3, i5 and i7 processors. Now its all about Sandy Bridge...an example to ponder on the changing market trends.
Now as far as console goes, we know that xbox 360 and PS3 are here for quite some time now, and hopefully, they are going to remain there for some more time.
So in my opinion, console is a better investment.
You won't have to buy a dedicated LCD for console... which will cost atleast 8000-9000 rs.
In case of PS3, you will be getting blu ray, and your TV can become a web browser, twitter, facebook, if u provide a internet connection to it.
And you will not get any controllers with a PC....