Hi ParulSaini,
In many cases, raising a 610 to a 700+ would likely take another 2 months of consistent guided study. Since you're focused just on the Verbal section, you could conceivably hit that goal in less time - IF you were able to properly change how you "see" (and respond to) the Verbal section. Your Official GMAT Score is from just 2 days ago, so we have to use THAT score as our reference point (meaning that a 650 from a prior practice CAT is not as meaningful as the 610 you just scored on the Official GMAT - and that the goal to raise that score to a 700+ in just 2-3 weeks is likely too difficult to be considered realistic).
From the information that you've provided, it sounds like you might be flexible about applying to Business School in either Round 1 or Round 2, so you might want to consider giving yourself more study time (so that you can increase your chances of scoring significantly higher on the GMAT).
1) Going forward, how many hours do you think you can consistently study each week?
GMAT assassins aren't born, they're made,
Rich