Jaipal Reddy claims land values have not been affected by recession

New Delhi, Sep 17 (ANI): Urban Development Minister S Jaipal Reddy has said that land values have remained unaffected by the global recession and the urban land is still a source of financing.

Talking to reporters here, Reddy said, "I found that in the year 2004, there was a certain value for one acre of land and in 2006-07, that value went up by 25-30 times."

"If that area had been recession hit, the value of land there wouldn't shoot up," he added.

"The prices of the land in parts of Hyderabad even today are ten times higher than they were in the year 2004, then how is it a slowdown. They went up to crazy heights. Therefore I am not the one to believe that urban land is no longer a source of financing," he said.

Reddy also expressed concern about the plight of farmers.

He said we must give the farmers a future stake in the added value of the land, which is a challenge not merely for the politicians but also for the economists.

Reddy said that the group of ministers that looks into the problem of acquisition of land has come up with a fresh comprehensive report. (ANI)