Age: 25.5Y
Sex : M
Work Ex: 25months (36+months at Fall 2013 MBA Start) at Deloitte Consulting
Professional Role: Java Developer for first 18 months(involved in functional areas as well), identified as indispensable team member by Manager, Team Lead, Senior Manager, other seniors in terms of commitment, highly analytical skills and most importantly the innate charm(few of the ladies ineptly call me a rockstar) which makes my previous team miss me - be at work, or at professional outings.

Since past 6months, I have been involved in improvising Enterprise Value Delivery for projects, or in simpler terms - improvising processes in a SDLC lifecycle. This involves discussion with a panel of Managers, Senior Managers, at times Directors ;getting inputs(Read getting work done) from managers; heard & recognized for value adds (Read management tips) to seniors - aren't all these best leadership examples because they come out of substance and not by virtue of one's position in the firm.
Nationality: Indian
GMAT: 720 (Q50,V36, AWA/IR-awaited) in a week's prep
UnderGrad: BTech in ECE (GPA 6.43/10) from Factual Rank 7 college in India; admission criteria is getting in less than 1% of set of students double that of total appearing for GMAT in a year.
Target Schools(not necessarily in order) : ISB, HBS, Stanford, Wharton, MIT Sloan

If my application deems fit to be read at these schools, then, most definitely, I have a very compelling story(above one is a very brief synopsis) to tell including my past failures, recent successes and a relentless quest to conceive my crystal clear vision for the next 10 years (including the 2 years at B school).
If not, please advise if I need to re-appear for the GMAT and thereby knock off the time for my R1 application process.

I had seen Median Gmat score of HBS applicants and it was 730. I think Median score is what you were trying to convey, as it seems to be more accurate statistic in this case than the average.
Yes, I am working on my essays. I am looking forward to apply for R1 but may push it to R2 to add community initiative, which I have decided to take up in the coming months.

There is one more reason, why I should retake GMAT, as suggested by one of consultants.
He mentioned that it would help improve my chances of getting a scholarship but from what i have read at schools' sites & forums scholarship depends only on candidate's financial position and not on academic performance. So, I don't think better GMAT scores translate into higher chances of scholarship among the other admits. Please comment if it is not the case, and scholarships provided by other institutions, apart from the school admitted to, also depend on GMAT score.