Chandy drove to the Raj Bhavan this morning around 1030 hrs and submitted his resignation letter to Governor P Sathasivam.
He told reporters that UDF and Congress would be meeting next week to discuss the poll debacle and take stock of the situation.
UDF, which was trounced by CPI(M) headed LDF in the May 16 polls, bagged only 47 seats against the rival front's 91.
"This is only a temporary phenomena and Congress will come back with strength," 72-year-old Chandy said, adding, "the party and Front have the responsibility for the setback, but as chairman of UDF, I have more responsibility".
Chandy said that he would be going to the state Secretariat to meet his office staff and other employees.
Chandy has the distinction of being the only Congress chief minister to have completed the five-year term in office.
