Varun:

My responses to your questions are as follows:

1. Is the list good enough, other wise please suggest me other colleges in replacement and also the reason why.

I think you have a reasonable list, but your profile is a little light on details, so it's a bit difficult to comment. Frankly, your background and experience sounds very familiar, so standing out in the crowd may become challenging. If you cast your story with passion and use anecdotes to distinguish yourself from others with a similar background, you should be able to get some positive attention.

2. I am confused between selecting Indian college ISB or any other ASIAN college. (Considering the cost of education at some other Asian colleges like NUS and Nayang is comparable, which one has better future prospects and study approach)

One key thing to consider is where you plan to work geographically when you are finished. If your plan is to work mostly or entirely in your home country, you could indeed do very well with ISB. If you plan to work in Asia, you can perhaps carve out a niche and build a network there with b-school. For the US, assuming you have the H1B, you should definitely look to US schools vs. ISB.

3. Kelley is Good for marketing, but its reputation among international students is playing it down. It is true ? (Because Kelley provides good Financial Aid and cost of education is also very reasonable).

You are on the right track to speak with other international students to get their perspective. You should also feel free to contact the school directly to discuss their view of international applicants. This would not only get you introduced to some key admissions insiders, but also give you some direct information "straight from the horses mouth."

4. Last but very important. Depending upon my profile, if i am able to get a good GMAT score that i have mentioned, are the schools good enough. Or I should apply for more schools. AND what is the best time strategy to follow for these schools (Considering all schools in round 1 or dividing them between round 1 and 2 (How?)).

Your list is good, but again, without knowing exactly what you want to do and where you want to do it, it's hard to say. As i mentioned, because you are applying from a deep applicant pool, I would encourage you to apply to more schools than I would suggest for a client from a country that is more "in demand." because so many Indian applicants have a technical background, you may need to apply to 6 or more schools to make sure you are getting the right attention. do this only if you have time--better to just do 4 or 5 than to do more,but sacrifice quality in the application. First and second round are preferrable, with no real advantage to either round really. You might apply to your top 3 in round one, and your next three in round two, for example. I would avoid waiting until round 3 for any school,unless you add some safety schools into the mix.