My father refused compensation at that time which was Rs. 5 per Sq.yard.

Is it possible for me to now claim compensation

Actually your father did a mistake by refusing the compensation made by the government. He should have accepted the same and should have gone for enhancement of the same through court of law.

However, if your father is alive now, he can apply for compensation and can quote the present market rate as per the latest land acquisition law, let the authority grant or refuse the same, you can challenge their refusal on the basis of the new law. Let the court decide whether you are eligible or not hence dont remain silent thinking that it is barred by limitation, get some concrete reply from court and then decide about continuing it or giving it up.

your father cannot claim compensation now after 54 years as he had refused to accept compensation

you and your father has no right to claim the Compensation amount.Now it is a bleated stage and sword of limitation is hanging on your head for applying the same. You may approach the authority and ask the allowed amount can be get at this time to your father.

1. Any land acquisition made prior to 01/01/2015 shall be compensated as per "National highway Act 1956, 3G section compensation act"). Provide the details to the competent authority and you will be notified as what terms would apply in your case. You are entitled for the compensation of entire piece of land acquired and prohibited, which forms part of acquisition.

2. If the amount of compensation has not been decided then you can move the civil court to challenge the acquisition itself which can be declared illegal. You can approach the H.C. to stay the acquisition till the compensation terms are revised in your favor.