Stuck in a situation! Please share your advices, experiences

Hey all, I could really use some advice here. I'm a software developer working in a small service-based company, and I've been here for 1.5 years. My initial contract is ending this month, and now I have to decide whether to sign another bond to stay for another year. Here's the thing: I don't want to sign the bond. I feel like it's time to explore new opportunities, but I'm also worried about the job market. I currently don't have any offers on hand. For context, I'm working in Surat and I'm open to opportunities in Hyderabad, Bangalore, Chennai, and Coimbatore. My current CTC is 2.5 LPA, and if I stay, I'll get a bump to 3.8 LPA. Should I take the risk and start applying to new jobs, or should I play it safe and stick around for another year? How hard is it to get a job in those cities right now? Any advice or experiences you can share would be greatly appreciated! Thanks!