On the three sides of the market, Chaktai, Rajakhali and Badarshah canals are flowing, whose source is the Karnaphuli River.

[1] During the Delhi Sultanate, a wholesale business hub was set up in Shulkabhar and Chawkbazar in Chittagong in the 13th century.

[3] During the complete shutdown program in 2024 Bangladesh quota reform movement resulted in the market being stagnated.

Later, as a result of the non-cooperation movement and the resignation of Sheikh Hasina, the security crisis arising from the attack on the policemen, the lack of police involvement in security and the maximum limit of ৳20 million for withdrawing money from banks issued by the Yunus interim government caused instability in the market activities.

Many times the businessmen of the market are deceived by getting fake bank checks while selling products.

As a result, the market tends to decline due to the increase in defaulted loans and the fraud incidences.

On 27 May 2011, the Khatunganj Trade and Industries Association organized a festival on the occasion of the centenary of the market.