<p>An industrial heritage site, whether functioning or abandoned, has impact both on the industrial workers and on the population living in an industrial neighborhood, comprising the urban industrial community. However, limited research addresses the role of public perception in heritage management, often excluding the perspective of the urban community from discussions of urban well-being. This study examines the riverine industrial landscape of West Bengal, India, exploring the alignment and contradiction between expert and community views on industrial heritage value. Utilizing a mixed-methods approach of content analysis, Fuzzy Delphi survey, and Principal Component Analysis, this study reduces the ambiguity of subjective responses, identifying 19 consensus-based indicators categorized into six heritage values. Comparative analysis of the rankings reveals significant disparities in 12 of these indicators, underscoring a contrast in how experts and industrial community prioritize value indicators of industrial heritage. Indicators with notable disparities were further analyzed to address their implications for 5 urban well-being dimensions, including employment, living environment, cultural diversity, citizen services, and education. As urban industrial areas navigate the dual pressures of industrial heritage and modernization, understanding these perceptual differences is essential for inclusive heritage management. The findings also advance methodological approaches for assessing urban heritage perceptions.</p>