Hi Vineet,
Since your deadline isn't until the end of March, you should extend your study timeframe so that have more time for your studies. While I suspect that you want to be done with the GMAT earlier, so that you can focus more on your applications in that last month, the reality is that you are almost certainly going to need at least 3 months of consistent, guided study time to hit your Score Goal. "Cramming" rarely leads to great results on Exams such as the GMAT - and trying to 'cram' all of that study into just 2 months is not a good idea (and I wouldn't want you to potentially waste those 2 months and have to 'start from scratch' later on).
From what you describe, I assume that the study materials that you've been given from your friends are primarily books - and that your immediate study plan is 'book heavy'; unfortunately, many Test Takers who study in that way end up getting 'stuck' at a particular score level. There's no harm in starting off your studies in that fashion, but you'll likely end up needing to invest in some additional, non-book resources at some point.
If you'd prefer to work with the study materials that you current have, then I suggest that you study as you like for the next 1-2 weeks, then take a new, FULL-LENGTH CAT - and make sure to take it in a realistic fashion (take the FULL CAT - with the Essay and IR sections, take it away from your home, at the same time of day as when you'll take the Official GMAT, etc.). Once you have that score, you should report back here and we can discuss the results and how you might adjust your studies going forward.
GMAT assassins aren't born, they're made,
Rich