Confederation of Real Estate Developers' Association of India (CREDAI) has urged its members to seriously mull over Union Finance Minister P Chidambaram's suggestion to unlock the value of the unsold stock by cutting prices.

Lalit Kumar Jain, national president of CREDAI, said that the developer community was willing to consider Mr. Chidambaram's suggestions to sell off maximum inventories by dragging down the prices to the extent possible.

Mr. Jain said in a statement, "The developer community is willing to consider the suggestions made by the Finance Minister P Chidambaram to unlock the value of the unsold stock. We have asked our members across the country to seriously consider the proposal to sell (the unsold stock) in maximum numbers."

The statement was released after the governing council of leading developers' body met at Kochi.

Previously, CREDAI had turned down the suggestion to sell off the inventories at discounted prices arguing that any such move was just impossible because developers had invested heavily in their real estate projects.

Mr. Jain also appealed to Mr. Chidambaram to consider the suggestions made by the developers' apex body to revitalize the country's real estate industry to prevent further slowdown in the economy. He also expressed hope that the finance minister would positively respond to the constructing suggestions made by the body.