hi haripreet,
well my reasons for not joinin NM is my call from IIM Kozhikode. I had paid the fee for nm just 2 days before the IIM results came out!!!! anyways had to loose only 15k for that...
well about nm , i would consider nm as a good institute but certainly not in the leagues of IIM , SP jain or J.Bajaj but ya it has one major advantage of location which helps it to get guest faculty and soo many speakers from the industry. I feel it is really good for marketing although not much info about the other areas.
You can contact my friend rajat who is also a pgiite and is a student at nmims, he will be able to give u the right picture of nmims. His blog is
http://rajatkhungar.rediffblogs.com.
Well about whether to wait for next year or not is fully your personal decision , if u have confidence in u that u can crack CAT next year then it is worth but then lookin at the competetion there is lot of uncertainty.
Hope my big post helped u...in case u need any more specific info u can always post it here...i will revert back to u within an hour!!!!!
abhi