The market dates back to the period of Ahom rule and serves as a traditional trading point between the people of the Garo and Khasi hills (Meghalaya) and the local community.

[1] Previously, Beltola was also the seat for a small protectorate of Ahom Kingdom, principally assisting administration of the Borphukan and in maintaining relations with the communities of Khasi Hills.

It is assumed that the Khasi people who lived in that region were involved in the capture of elephants for the rulers of Beltola, which gave rise to the names Kainapara and, later, Khanapara.

The proposed Twin Tower World Trade Centre project in Beltola, set to be completed in the near future, will be a 280 meter (918.635 foot) tall complex featuring 65 floors with a cinema, shopping mall, convention centre, auditorium, seminar rooms, food courts, outdoor amphitheatre, museum, commercial and residential offices, service apartments, and a 200 meter tall sky park covering 2 acres.

The sky park will include a public observatory, restaurant with views of the city, the Brahmaputra River, and surrounding hills.

The project, which is being developed by the National Buildings Construction Corporation Ltd. (NBCC) at a cost of approximately 2500 crore rupees, is intended to serve as a major landmark for not only Beltola, but the entire northeast region.

Close to the site of the famous "Beltola-haat", where small local vendors sell their agricultural produce and other goods of small-scale manufacturing twice a week, lived the royal family of the Beltola kings.

Being located at a point convenient of access for vendors who came on foot and animal-transport from far-off places like present-day Meghalaya, this market retained its distinctive, indigenous character till about a decade ago before the high-rise apartment complexes were built.