Hi Shoaib,
I think it's a lot of fun to practice something enough so that you're able to play it without looking at the notation, so that you can play it from memory.
For me, this takes a bit of time because I like to really understand the movements and make sure it sounds somewhat like the song I'm trying to learn from.
Everyone learns at a different pace, but I don't have a number like you do. I think your method is pretty solid and I may borrow that from you!
I generally like to piece together riffs or chord progressions, little by little. I know I'm done with it if I'm able to play it with the original recording. That's how I know I've truly learned it.
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