Hawaizaada is made up by adding the suffix -zaada to Hindi/Urdu word Hawai. As we have explained earlier in the meanings of ishaqzaade and mastizaade,
“Literally, -zaada is a suffix used for someone born of/from/as a result of, like Shahzaada would mean a son of Shah and Har*mzaada would mean a bas**rd, someone who is born as a result of Ha**m, considered so as it's out of Wedlock.”
Hence, hawaizaada would mean someone who is born out of air, or maybe born in the house of winds.
I am not sure though that it is exactly what the makers of the film intended it to be. It seems they intended it to be more like somebody who plays with air or winds.