Congratulations on your 700!

A masters degree in IT could help and certainly won't hurt. Your specific papers are more interesting than the degree itself, especially the project management portion.

Your work experience is still slight if you are targeting top schools, most of your competitors will have 3-5 years or more full-time work experience. Also, as I am sure you are aware, there are an enormous number of IT professionals from India applying to the top US schools. Because schools seek balance in their classes, that makes it harder for someone with your profile to get accepted. The experience with Carnegie Mellon will look good, especially if you can get a recommendation from the Carnegie professor.

Your chances at the very top schools are slight. That doesn't mean you will not get in, but the top ten US schools turn down 85% or more of their applicants and they get very few unqualified ones. With your strong GMAT, you should have a better chance at the next tier of schools even without extensive work experience.

When you prepare your applications, remember, business schools are looking for potential business people, not scholars. You need to convince them that you can be successful at managing and leading people.

Good luck,