Good score man.
I am going to take a different view, so here is the deal. If you sincerely think that you can stretch this 700 to 730 in the next 4 weeks i would say go ahead and give it a shot. By this i mean is that you are ready to follow a different strategy and get a higher verbal score and have some idea around what went wrong. Could be many things biggest of them are fatigue and lack of concentration.
700-710 i dont see much changing for you so 730/730+ is must if you are giving another shot. What was your verbal score in the practice tests??
at 700 with 2 years of experience you are already below the average at ISB in every way possible(the IT profile being the final nail in the coffin).
So i would say give it another shot and apply R2, much better chance to go in with a higher score that applying early. I say by experience was rejected by ISB at 690(feedback categorically mentioned low GMAT score!).
So unless you can pull up a wild card in ur essays and come up with something that differentiates you from the rest of the world chances of a IV call are low.
Good Luck!