Graphs are integral to model real-world complex systems like social networks, citation networks, transaction networks etc. Real-world graphs are mostly heterogeneous, continuously evolving dynamic graphs (i.e. Heterogeneous continuous-time dynamic graph - HCTDG). Modeling HCTDGs requires effective representation learning, which is difficult because of their entangled structural and temporal dependencies. We introduce HT-Graph, a novel framework aimed to improve link prediction in HCTDG graphs. HT-Graph addresses scalability and computational inefficiencies while focusing on enhancing link prediction accuracy. As formation of new links between nodes depends on their neighborhood, HT-Graph introduces a neighbor-aware memory module (i.e. memory module with a neighbor-store) that stores and updates local neighborhood information of each node efficiently for faster calculation of structural information, eliminating redundant computations required for traditional neighborhood sampling. To introduce parallelism, we used a neighbor-aware restarter to restart the training at any timestamp using interaction history. During training, the restarter module resets memory states at multiple timestamps and learns to mimic the encoder through the knowledge distillation process. This eliminates sequential dependencies, enabling HT-Graph to capture temporal dynamics and structural heterogeneity while ensuring scalability. HT-Graph outperforms state-of-the-art models in link prediction, providing higher scalability, efficiency, and better predictive performance even with limited data.