amishibharti
Thank you so much for your response! My reason to do a MBA post PGDM is out of various factors including professional and personal both.
Thank you for the input on admission consultant forum. I think that would be the right way to do it. I really wished 720 was a good enough score but I have received a lot of reviews stating otherwise

I'd take the exam again if I were you, as there really is no downside (apart from the additional $250): minimum prep, and you always have the option to cancel your score.
720 may be good enough, but with practice test (GMATPrep?) scores like 750, 760, and 770, you are almost certainly capable of a better score on the actual GMAT.