Reddy (86) was suffering from a lung disease for some time and admitted to a private hospital here a few days ago.
Union Petroleum Minister S Jaipal Reddy, Andhra Pradesh Chief Minister N Kiran Kumar Reddy, senior BJP leader M Venkaiah Naidu and state BJP president G Kishan Reddy were among those who paid homage to the departed leader before the cremation this evening.
Hailing from Shadnagar in Mahabubnagar district of Andhra Pradesh, Satyanarayana Reddy took part in the Quit India Movement in 1942 and was arrested.
In 1978, he was elected to Rajya Sabha from Janata Party and for a second term in 1984 from Telugu Desam Party.
Reddy began his political career with the Socialist Party and was later associated with Janata Party, Lok Dal and TDP.
He served as Governor of Uttar Pradesh between 1990 and 1993 and as Governor of Odisha from 1993 to 1995.
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He also held an additional charge as Governor of West Bengal for a brief period in 1993.
Telugu Desam Party president N Chandrababu Naidu condoled Reddy's death and recalled his contribution as a member of Parliament and the Governor.
Andhra Pradesh Panchayat Raj Minister K Jana Reddy and Information Minister D K Aruna also mourned the death of Satyanarayana Reddy.
Venkaiah Naidu termed Reddy as "strong socialist and strong nationalist" who was in the forefront of fight against the repression of the Nizams prior to 1948.
"He was an ideal politician known for his honesty, simplicity and integrity. As a JP (Jaiprakash Narayan) follower, he fought against the imposition of Emergency in 1975 and was with us in jail, detained under MISA," Venkaiah Naidu recalled in a statement here.
Andhra Pradesh Governor E S L Narasimhan also condoled Reddy's death.