Hi Naren,
Since you posted this in another Forum, I've copied my response from that post:
A 720/Q50 is an outstanding score, so you should apply to any Business Schools that interest you. Many Business Schools have publicly stated that they do NOT factor in one's IR score when evaluating an application, so in real basic terms your IR score does NOT matter. Whether a School pays attention to your IR3 or IR7 is not an issue.
What Business Schools are you planning to apply to?
When are you planning to apply?
GMAT assassins aren't born, they're made,
Rich