My requirement is to launch my installed application from chrome browser if it is installed on client machine, If not installed then I wanted to start download. What is best
For what its worth, see here - http://src.chromium.org/viewvc/chrome/trunk/src/chrome/common/extensions/docs/examples/api/nativeMessaging/
the README indicates that Native Messaging can now be added even by non-Admins.
But it appears Native Messaging will only work for Extensions: "Extensions can exchange messages with native applications(...)" and I dont imagine you can expect all of your users to do that.