1) Is Lumia 920 a good device to buy for Rs 37,000 (685 US Dollars). Is it worth the money for a windows phone.
I personally wasn't very happy spending Rs. 36K for this phone, because in the back of my mind I knew others in Contract can get it cheaper! Damn, why no contracts in India!

I love my Lumia 920. Bought it for Rs. 36,000 on the first week of the launch. You can now get it for 36,000 with a free wireless charger which I didn't get that time!

This free wireless charger is an awesome deal. This offer is available on Flipkart and Saholic.
2) After the WP8 "Portico" update on Nokia Lumia 920, How is phone acting..!! Any issue with rebooting or any issues..!!
When I bought the phone, it used to randomly shut down every now and then. It was extremely irritating. But after the latest firmware update - 1308, not one single reboot. Hourrahhh!
3) Need your feedback with regards to Lumia model color.. Black , White or Yellow..!! I liked the Yellow color model.. But its not easily available even in India. How are accessories choices for Phone covers in the market..!!
I love my black. Back then when I bought, only black was available. Love the matte finish.
4) Lumia 920 got Gorilla glass. So, is it really damage resistant..!! Do i need to use a scratch cover on the glass..!!
Preferably use a screen guard and be on the safe side. Many people who keep keys and phone in the same pocket have regretted their decision of not using a screenguard. You can also use a bodyguard from here:
Nokia Lumia 920 Screen Protectors, Cases, Covers, Skins | Full-Body Invisible Shields | Gadgetshieldz India
I'm ordering the above bodyguard soon.
5) What is your personal view on Lumia 920's Daylight Photos..!!
No complain. Love it!
6) This point is silly to ask. But should i wait till Nokia's MWC announcement & see if Nokia comes with Lumia 950 or Lumia 1000.. Do any of you think Nokia will release such devices in a month's time..
You can always play this wait and buy game. Indians often wait for the new model to be launched, so that the old model's price comes down and they buy the old model. It's your choice.
7) Do any have any wierd issues with your Lumia 920.!! Please share
If I have anything to complain, it is the battery life. I always feel like having this beautiful smart phone in my hand and playing with it - but unfortunately the battery life won't allow me to do it. But the battery will last a day with moderate use.
Bottom line:
A great phone. Go for it if you are willing to shell this big amount of money, and if an average day's battery life is ok for you.
PS: Note that most smartphones anyway give you an average day of battery life.