Nawaab (or Nawab, Devanagari:नवाब, Urdu:نواب) is Urdu for a Prince.
-zaadaa (or -zaada or -zada) is a suffix for 'born to'.
Hence, Nawaabzaada (or Nawabzaada) means born to the prince. As such, the word could be legitimate usage for a Prince's son (a daughter would have been Nawaabzaadi/ Nawabzaadi), since there are no kings and princes in the present day India, the usage of the word now is mostly in a sarcastic manner, and thus it's often used with people who do nothing, but expect things to be great for them.
Nawabzaade is plural for Nawabzaada.
-zaadaa (or -zaada or -zada) is a suffix for 'born to'.
Hence, Nawaabzaada (or Nawabzaada) means born to the prince. As such, the word could be legitimate usage for a Prince's son (a daughter would have been Nawaabzaadi/ Nawabzaadi), since there are no kings and princes in the present day India, the usage of the word now is mostly in a sarcastic manner, and thus it's often used with people who do nothing, but expect things to be great for them.
Nawabzaade is plural for Nawabzaada.