Using full-potential linear augmented plane wave method (FP-LAPW) and the density functional theory, we have carried out a systematic investigation of the electronic, magnetic, and cohesive properties of the chalcogenide CrTe in three competing structures: rock-salt (RS), zinc blende (ZB) and the NiAs-type (NA) hexagonal. Although the ground state is of NA structure, RS and ZB are interesting in that these fcc-based structures, which can possibly be grown on many semiconductor substrates, exhibit half-metallic phases above some critical values of the lattice parameter. We find that the NA structure is not half-metallic at its equilibrium volume, while both ZB and RS structures are. The RS structure is more stable than the ZB, with an energy that is lower by 0.25 eV/atom. While confirming previous results on the half-metallic phase in ZB structure, we provide hitherto unreported results on the half-metallic RS phase, with a gap in the minority channel and a magnetic moment of 4.0 µB per formula unit. A comparison of total energies for the ferromagnetic (FM), nonmagnetic (NM), and antiferromagnetic (AFM) configurations shows the lowest energy configuration to be FM for CrTe in all the three structures. The FP-LAPW calculations are supplemented by linear muffin-tin orbital (LMTO) calculations using both local density approximation (LDA) and LDA+U method. The exchange interactions and the Curie temperatures calculated via the linear response method in ZB and RS CrTe are compared over a wide range of the lattice parameter. The calculated Curie temperatures for the RS phase are consistently higher than those for the ZB phase.