I took my GMAT on 20th December,2012 and scored a 670 (Q-45/V-38). I am aiming for Indian MBA programs and would like to know which colleges have a cut off of about 650 or so.If not , should i retake the GMAT to score above 700?
Colleges don't have a cut off per se. Your GMAT score is just a part of your application (though an important aspect) just like your essays, recommendations, resume etc. are a part of your application.
We see people get into good programs with that score. It really depends on how strong other components of your application are. Saying that, your score is lower than the average score at most of the programs. If you feel you have an extra-ordinary story to tell, by all means go ahead.
My advice would be to give it another shot. If you are submitting your application next year, you have enough time to study well and cross that 700.