Groundwater is the primary source for drinking, municipal, irrigation, and industrial water supply in Bangladesh. Due to unplanned urbanization and rapidly growing industries, the degradation situation has become perilous over time. Dhaka and its peri-urban regions are having drastic changes in groundwater (GW) levels. This work reviewed GW level fluctuation in the peri-urban area, which is now severely experiencing the detrimental impact of rapid urbanization and industrialization. Detail statistical investigation and Landsat image interpretation of the study area was conducted. Analysis and prediction of water level trends were conducted using variations of Mann Kendell tests. Gazipur Sadar (an upazila or sub-district of the Gazipur District in central Bangladesh, part of the Dhaka Division) is the most densely populated area of the Gazipur District, with a closely packed concentric build-up of industries within different urban settings. The alarming growth of industrialization and urbanization also affects water quality. Data analysis and interpretation indicated that the water level has been declining continuously since 2004, and the effect might reverberate throughout the next decade. Several wells showed a gradual decrease around 2004, but it accelerated almost exponentially within a decade. In 2004, the water level was around 5 meters below ground, but by 2013 it dropped down to 26 meters. To avoid further deterioration of the aquifer condition and combat the situation, an urgent action plan has become a dire necessity.