Sorry to hear the GMAT was not what you had wanted. I'm not sure I'm entirely following your question, when you said apply next year but that might be "late"? Do you mean in terms of your age /experience?
Generally it's not a bad idea to re-take the exam as your highest score is what counts, and it's common to try again if needed, and if anything it shows determination. So if you are able to , no matter when you apply, I'd encourage it.
Otherwise check the average scores at schools you are applying to. I would aim most for schools around a 600-620 average, with a reach school or two with an average of 650 approx. GMAT scores are available on each school's website; listed on the US News & World Report rankings; on the BusinessWeek[dot]com school profiles.... Let us know how else we can help.
Thanks for the advice Jen, Im wondering if I should apply in round 3 after writing GMAT once again and expect an admit with some scholarship in a top 50 school.
Is it possible to apply for the winter, spring intake of 2014-15, keeping my profile in mind and expect some scholarships?
Thanks in advance.