Hi aish7.
According to your numbers, you've prepared for around 125 hours total so far. Typically, people take 400 hours or more to go from the mid 500's to the 700s. So, it makes sense that you would need more time to achieve your score goal.
Regarding your first and second practice tests, the first test was an official test, but the second was a third-party test. So, it's likely that the two scores are not actually comparable. So, while it appears that you made decent progress in verbal but didn't in quant, it could be that, in reality, you also are significantly stronger in quant that you were before you started preparing.
So, if you want to get a sense of where you truly stand at this point, you should probably take another official practice test and see how you score.
You could also consider your accuracy on practice questions.
To score 700, you need a score breakdown along the lines of Q48 and V38.
To score Q48, you need to be getting around 71% of medium and hard quant questions correct. So, in your practice sets, you should be getting over 80 percent of medium quant questions correct in each topic and at least around 60 percent of hard quant questions correct in each topic.
To score V38, you need to get around 75% of medium and hard verbal questions correct. So, you'll be ready to score V38 when you're getting around 90% of medium verbal questions and 70% of hard verbal questions correct when you're practicing.
To get to those accuracies, you could use the approaches outlined in the following posts.
How to Score High on GMAT VerbalThe Best GMAT Practice Methods