Party sources said besides Modi the meeting was attended by Home Minister Rajnath singh, Finance & Defence Minster Arun Jaitley, External Affairs minister Sushma Swaraj and Road Transport and Highways Minister Nitin Gadkari.
The meeting analysed the political situation in Delhi and there was indication that the party might favour fresh election early next year, the sources said.
On Sunday after meeting with the Union Home Minister, Delhi BJP president Satish Upadhyay had said the party was "fully ready" to face fresh election while sounding confident of getting a clear majority if polls are held again.
The sources said though most of the BJP MLAs are reluctant to go to polls, they have already been told to start preparing for fresh elections.
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A senior Delhi BJP leader said there is a possibility of election taking place in February next year as President's rule can continue for one year.
Lt Governor Najeeb Jung is likely to send a report to Union Home Ministry shortly as President's rule was completing six months.
There was no consensus in Delhi BJP on whether the party should form a government or not and a final decision on the issue is expected to be taken by the top leadership of the party, sources said.
They said RSS was also not in favour of forming a government by the party by "managing the numbers".