Hi Rahul
Unfortunately with your gmat it is going to be very difficult to make into the desired institutes. A score above or close to 700 would be required to get into top schools. Now you have two options
Either retake the gmat and improve your scores or apply to Universities down the rank. Now it's your decision on which schools fit your parameters better. We can help you with what these parameters should be
The best way to choose a B school is based on career goals. You need to see if the schools will help you realizing those goals. Apart from that factors like what the school specializes in, geography location including urban/rural factor, size of classes in school (big class or small class), alumni success rate. Also you need to keep in consideration what recruiters tend to come on campus. You can talk to alumni's and career center wings to know further the opportunities the school provides you.

Thanks a lot for ur response..You advice is highly appreciated and valuable..

I agree that i do not fall into the average GMAT scores which these schools accept...But my aim is to study from a reputed college so that i have the brand name behind me to back me up for the rest of my life..Its my childhood dream to study in the top universities..

I have some key points with which i can highlight in my profile...for example..I am a basketball player and have represented my school, college and university for eight years..I have won many national and state ranks for maths and science talent examination...etc etc..i have also completed professional certifications like six sigma, business analysis which were outside of the scope of my regular work...

If not these colleges, which other colleges would you suggest me to look into...Please help me this as i am really confused whether to go ahead with my applications or to retake the GMAT...