Can someone please verify whether i am doing this the right way -Thanks.
$$w=iz^2=i(x^2+2xiy-y^2)=-2xy+i(x^2-y^2)$$
$$\color{green}{u=-2xy \tag{1}}$$ and $$\color{green}{v=x^2-y^2 \tag{2}}$$
$\color{green}{1. \space Line \space \Re(z)=x=1}$
Substituting $x=1 \space in \space (1)$ we get: $u=-2y \tag{i}$
$\Re(z)$ is on $x$ axis and therefore $y=0$ $\implies u = 0$.
$$(i) \implies \color{green}{y=-\dfrac{u}{2}}$$
Substituting $x=1 \space in \space (2)$ we get: $v=1-y^2\tag{ii}$ using $(a)$ we get $v=1-\dfrac{u^2}{4}$
$$\color{green}{\therefore \Re(z)=1 \rightarrow u=0 \space and \space v=1-\dfrac{u^2}{4}}$$
$\color{green}{2. \space Line \space \Re(z)=\Im(z) \implies y=x}$
for $x=y$ we get the following from $(1)$: $$u=-2x^2 \space \space or \space \space u=-2y^2$$
$$\implies u \le 0$$
for $x=y$ we get the following from $(2)$: $$v=0 $$
$$\color{green}{\therefore \Re(z)=\Im(z) \rightarrow u \le 0 \space and \space v=0}$$
$\color{green}{3. \space Line \space \Re(z)=\Im(z) \implies y=x}$
$v=0$ and $u \ge 0$
$$\color{green}{\therefore \Re(z)=-\Im(z) \rightarrow u \ge 0 \space and \space v=0}$$
EDIT:
how does the transformed plot look like, is it just all the points $(u = -\infty ; v = 0) \space and \space (u = \infty ; v = 0) $ i.e. straight line on real axis and a parabola as in the picture below?

You write:
"...$\operatorname{Re}(z)$ is on $x$-axis and therefore $y=0$ ..."
What do you mean here?
$u=0$ is not true. Since $y\in \mathbb{R}\Rightarrow u =-2y \in \mathbb{R}$.
Neither is this consistent with the picture you drew. (in that curve $u$ clearly travels through $\mathbb{R}$)
Aside from the small notation errors I find it difficult to read, because you use all those references. I would write it as follows:
$$\operatorname{Re} z = 1 \leftrightarrow z(y) = 1+iy \qquad y\in \mathbb{R}$$
Then:
$$\begin{align} w(z) = iz^2 &= i(1+iy)^2\\ & = i(1+2iy-y^2)\\ &= -2y +i (1-y^2)\\ \end{align}$$
Meaning $$u= -2y\qquad v=1-y^2$$
It's easier to work with parameterizations. The same is valid for 2. and 3. As an example
$$\operatorname{Re}z = \operatorname{Im} z \leftrightarrow z(x) = x+ix \qquad x \in \mathbb{R}$$
The plots look good.