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It will be wise to shortlist colleges on the basis of their cutoffs. Analyse your preparation for the exam CMAT, give mock tests so that you have an idea about the score you can achieve in CMAT exam. This will help you cordinate with the previous year CMAT cutoffs of different colleges accepting CMAT score.
Apply only to those colleges that you think you will be able to take admission into on the basis of previous year cut-off trends. Don't apply for too many colleges as it only means wasting extra money. Just apply to 5 to 6 colleges you think you can get admission in on the basis of your mock test analysis.
For previous year CMAT cutoffs of colleges check: Colleges Accepting CMAT Score and Their Expected Cut-Off