Its jhalla in punjabi means mad not challa. http://www.bollymeaning.com/2012/10/challa-ki-labhda-phire-complete-lyrics.html If I provided wrong answer, please let me now..and share with me the right one :) stay blessed!

Since you were asking what the word "challa" means, I would say ring. (that's what I first learned it was) It also comes from the word Jhalla (Hindi) which means really mad. ( I also looked at the below site to make sure :) )