I think that 'Masakalli' means 'Masti ki kalli' and 'Matakkalli' means 'Matak ne wali kali'. And I also think that masakalli would be the name of the pigeon (sonam kapoor's pet in the movie). Plz don't laugh if I m wrong :).
Excellent song though and lyrics make it very interesting song. I can't stop myself from listenin it again and again and again... Our boss never miss surprising us with unique songs and music.
