I have integrated Jira with Hipchat and started getting comments to my chat room but i am exploring for a solution from which developer can directly update an issue or create new issue if needed.
You can use the "Insert Jira Issues for Hipchat" hipchat integration for that. Do notice that the integration is build by a vendor, so it's not supported by Atlassian.
Not be default. A bunch of 3rd party plugins claim to do exactly this. e.g this
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