A lot of people like the Viras...
I won't tell you that won't work because I happen to know, from all of the people who use them that they do.
That said, I have tried several of the budget options for my own 55g, and while they kept corals alive, they really only kept them alive. I really never saw any real noticeable growth on my tank while using them.
I am a convert to the Kessil lights. I got a pair of the A360x Tuna Blues on a Black Friday sale in November and I honestly have to say that these are the best lights I have had over my tank. Since installing them in early December, I am able to keep virtually anything in my tank and The explosion of growth has been remarkable!!
With a $700 budget, they are out of your range, (I paid $1006 for the pair I have including the wifi dongle and gooseneck mounting hardware) Bt they are worth every penny in my opinion.