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Budget Gaming Build $500 (i.e INR 30,000)

Hello Guys I'm going to build a new budget gaming system in few weeks i.e in month of december so I'm looking for some hardware which can handle the modern as well old games at low-medium setting at 720p

 

location: India Budget:$500 (i.e Inr 30,000)

 

Aim: for gaming and for my college work of software development

 

Monitors :Only one LG 19 inch monitor having resolution of 1366*768 at 60hz

 

Peripherals:No i don't want any peripherals nor OS

 

Reason for Upgrading : My old Dual Core E5400 is not able to run the programs i need for software development.

 

The part listed are as follows

http://pcpartpicker.com/p/qy7zCJ

 

Btw im planning on overclocking the processor to 3.7GHZ with stock cooler will it be possible too?

 

P.S: due to custom duties and all in india the part here are costly so this $343 build cost $500 in india

 

Parts which i would use from my old build are : 19 inch LG monitor , Iball Startler USB keyboard , DigiFlip GM001 Gaming Mouse , 240Gb seagate Barracuda HDD for OS and App installation , LG Optical Drive.

 

Suggest me some other parts if you think parts above are not good

for price reference you can refer 

http://www.flipkart.com/

http://www.snapdeal.com/

 

Thank you and sorry if i had written it bit long as this is my first build after 5 years so have to highlight all the major points .

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