Government wants to acquire my land

Hi, I live in CLRI Nagar, located in Neelangarai area of Chennai. The Govt. has proposed to build a road that links 2 arterial roads of Chennai, ECR (East Coast Road) and OMR (Old Mahabalipuram Road). My home is located in the road that is sandwiched between these 2 roads. I bought the plot in the year 2007, began constructing my independent house in 2008 and moved into the house in 2010. A number of Govt. agents/parties visit the place and take measurements but none of them are able to tell when or if the road will be constructed. There are some 300 families affected due this decision of the government. My question is: 1) What is the procedure for compensation? Will the Govt. notify us of their intention to lay the road and how much time will they give us to vacate the place? 2) Will the building be compensated as well? (according to the plan I am told that I might lose some 1000 SQFT of my 2840 SQFT Plot) 3) The construction of the building was approved by the local panchayat but it was to be regularized by the local metropolitan body because Neelangarai area became a part of the larger Chennai metropolis later. However, we did not get this done. Is this a disadvantage? 4) Is the compensation amount something I can contest? Because, the Govt. compensation I am afraid will be much lower and because land prices across Chennai has spiked up, I wont be able to buy one with the money I may get. What should I be doing? Can I take any preemptive action? I am not against the project but I wish to understand my rights under Indian law. regards, TT