Hey Vinit,
Good question, and first off congratulations on breaking that 700 barrier! 720 is a huge score, but especially if you're competing within a highly competitive group every 10 points makes a difference so it's not a bad idea to at least consider retaking. A few considerations, though:
-Do you see a path to improving verbal? If your plan is "if I spend more time on verbal it should improve" that's probably not enough, but if you see something like "I know I can get better at the meaning-based SC decisions that I struggled with on test day" or "If I improve my effectiveness the first time I read a passage on RC then I'll save time to give the last 5-6 problems a thorough look" then you have a good plan of attack.
-Can you pinpoint anything from test day that may have held you back? Was timing an issue, for example, or were there a few problems that you just felt lost on? The more specific your recollection of the 720 day, the easier it will be to plan for improvement.
-Do you feel confident that you can keep your quant score at or above 49? One concern with a retake to bring up one side of the test is that if the other suffers dramatically as a result you might end up with a lower score overall and have wasted that effort. If you feel as though Q50 was a fluke and you got lucky (which doesn't sound like it's the case) then you'll want to be careful in focusing mostly on verbal.
Overall it sounds like you're ready to retake it and you know you need to improve verbal. I'd just advise that you make sure you have a plan for improving some verbal items specifically so that you're able to make tangible progress each week between now and your retest. And while you think that way, here are a few articles that may help:
https://www.veritasprep.com/blog/2014/07/gmat-tip-of-the-week-5-questions-to-ask-when-preparing-for-your-gmat-retake/https://www.veritasprep.com/blog/2014/06/gmat-tip-of-the-week-woulda-shoulda-coulda-how-to-analyze-your-practice-test-results/https://www.veritasprep.com/blog/2014/08/gmat-tip-of-the-week-4-questions-you-must-ask-everytime-you-miss-a-practice-problem/