There will be no arbitrator appointed again in this matter.
Since you feel that the compensation amount has been paid very less when compared to the market value and that you suffer a heavy loss due to that, you can seek enhancement of compensation amount.
As you have raised the issue with the authorities concerned, if there is no response for a long time and there are no hopes for the enhanced compensation, you may file a writ petition before high court seeking the relief.
You may consult an advocate in the local and prefer a writ petition before high court at the earliest.