In your case, an Application under section 9 of the Arbitration and Conciliation Act, 1996 may be filed praying therein for an interim measure of the nature besuiting your case.
It must be noted that contempt proceedings can not be initiated for non-compliance with an order of the arbitrator. As this power is reserved only with the Supreme Court and the High Courts.
Section 2(b) of the Contempt of Courts act, defines 'Contempt' as -
"wilful disobedience to any judg-ment, decree, direction, order, writ or other process of a court or wilful breach of an undertaking given to a court ". Hence, contempt proceedings are not available as a remedy at this moment.
On filing under section 9 of the Act, the court will grant stay order with regard to the property in dispute and thus, your rights will stand protected for the time the arbitration proceedings continue.
And later on, if the respondent fails to comply with the stay order of the court, then cotempt proceedings may be resorted to...