Since 01.01.2014, the Right to Fair Compensation, Rehabilitation and Resettlement in Land Acquisition Act 2013 has come into effect. Schedule IV exempts certain Acts (including the Railway Act) from its purview.
2)compensation is awarded by competent authority appointed by central govt
3)if you are not satisfied with compensation awarded under railways act then you can invoke compensation redressal mechanism Through Arbitrator appointed under the Act by Central Government.