AMD r9-270x and Nvidia gtx 960 are the two options in that price range.You can play almost all games at med-high settings.Amd might release r9-3xx series in june which can bring better options in your price range.
I am planning to go with samsung pls panel after lots of reading.It seems to have slightly better picture quality than ips or va panel.You can get it for around 17k online.
i-5 2500 is a very capable cpu.Keep the cpu,mobo and ram.Use the saved cash to upgrade moitor,gpu and psu.Get a ssd if possible.This will give you greatest performance per cost.
From what i have heard even gtx 970 wont be able to max witcher 3.
I think its up to personnel preference.Some people suggest 24 inch to be optimum for pc gaming.Try to get a demo to find the perfect screen size for you.
Best card for you will be gtx 760.its available for 18-19k and beats 7870 by a good margin.In some cases its even better than 7950 which costs 24k.You can get the zotac gtx 760 online.
You can check out some of the models from sony like ex650.There are lots of threads related to TV in Audio Video Home Theatre and Hi-Fi Discussion Forum
Its not just the 7770.All 7 series graphics cards are overpriced here.Nvidia is not better either.A $229 gtx 660 is launched at 18K price tag while $259 7850 was available for 15-16k.It all seems wierd.
With the governments new policy on FDI,I hope companies like amazon or newegg will start shops in the country.We could really use some competition in computer sales sector.