There is nothing wrong with your chip, Balla. I've built 3 PCs with such parts:
1) Z87-PRO
2) 4770k
3) 212 Evo
4) Kingston 1600 DDR3L (2 or4)x8GB (KHX16LC10X3K2/16X)
Out of 3, 1 was complete dud, requiring ballistic voltage to go over 4.3 (1.3+), would require Jesus juice to cool . The other 2 are like your chip, doing 4.5-4.8 with 1.17-1.18 fixed voltage. Here's what I've found by playing with the Asus Z87-PRO and 4770k:
1) Fixed voltage is the way to go, chip is stable with 1.1x, but with Asus adaptive or offset when AVX load comes and bumps voltage to 1.25+, temps go north - obviously 212 Evo can't keep up. The difference in power between 1.18 fixed and non fixed is maybe a watt or two @ 800mhz, nothing to write home about.
2) Z87-PRO has some pecularities in the way they do auto tuning of uncore. If left on auto it always ran uncore @3.9Ghz and did not drop voltage or multi on idle. Voltage is also constant when overclocking, and for example on 4.5 uncore it was set to 1.3V.
3) So for uncore tuning it is best to set low multi to 8, high multi to highest you can run without ridiculous voltage, the chip in PC i've kept can do 4.5 @ 1.23V instead of 1.305 auto was suggesting. The fun thing is uncore and it's voltage has sizeable impact on thermals, but performance difference is tiny at best ( i did not notice any perf spike when running it same speed as core ). I've tried to manually run @3.X and undervolting on dud CPU, but it was of little help with thermals as they were probably dominated by core voltages.
4) With that cheapo kit i have found that it is hard to overclock memory AND overclock uncore and cpu at same time. Out of 2 better chips just one i've kept could do 32GB with 4 sticks and 1T + 1866.. Mem voltage, timing tweaking did not help much either - this is area i need to still master.
Now fun part is over, and thermals part starts:
1) Given right voltage for vcore/uncore 4770k will run without crashing. Throtling or not, it stays stable. The fun fact about throtling is that for example if you run Linx and your CPU starts to throttle and apps report throttling in 10%+ department - you will be hard pressed to find difference in Linx results, same 135GFlops +-1-2. I can live with throttling like that
2) 212 Evo can't take more than 1.16-1.18V without throttling @4.5Ghz and up. It can do 1.15 4.4Ghz fine.
3) Prime, Linx AVX and Aida with just fpu selected are like Furmark GPU power virus but for CPUs, you won't see such wattages and temps with any other program and game. There is 40C delta with Winrar benchmark, 30C delta with Crysis 3.
4) Lack of chip heat spreader quality is epic. All 3 chips have core temp difference of 10-12C with Linx load between coolest and hottest core.
5) End result of thermals is that if you don't mind throttling under Linx, you can run 4.6-4.7 perfectly stable @1.18V on those two chips.
So to sum it all - Haswell is a nice chip, as long as you win in chip selection lottery and so far i like the odds - 2/3 can do 4.5+ with sub 1.2 voltage stable on any load, but throttling under Prime/Linx. Any real world load is sub 60C with $30 cooler (and for purists 4.4 @1.15 will not go over 90C).