I think thats common in Punjab to say ‘Oay Shahzaday’.. also they say ‘yaar wo to shahzada hai / shahzadi hai’.
Is it used positively to praise someone’s charm or its veiled insult?
Re: Oay Shahzaday!
positive - close friends
Re: Oay Shahzaday!
depends how it is used and who uses the term. it could mean both charm or veiled insult. 
agar rickshaw wala kahe to insult hai…koii buzurg kahe to Haq hai.
Re: Oay Shahzaday!
so it is common in UP as well?
Re: Oay Shahzaday!
not very common…it’s quite localized…mostly in Muslim dominated areas/cities like Lucknow, Aligarh, Allahabad, AzamgaRh, Gonda, Shahjahanpur, Amroha, BadayuN etc.
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^ Endearment
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Hakuna says : Oye shahzadi 
mae shahzadi 
Re: Oay Shahzaday!
It also means someone who is ‘aloof’ or ‘carefree’.
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Man Mooji…
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“badshah” and “ye tou badshah banda hai” b bht commonly use hota hai
Infact Lahore n aas paas k cities ki hr gali mein aik badshah rehta hai
Re: Oay Shahzaday!
you mean as we got Bhai log and Dadas?
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be-parwah… fikar na faaqa aish kar kaaka?
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nopes, its used same like shehzada word
Kch ka bachpan se parr jata hai kch ki tareef k liye kaha jata hai ya un ko b kaha jata hai jo apni mann mani krte hon etc
KPK n Balochistan mein tou ni hote, sindh mein use ni hote ye dono words ( Badshah, shehzada) ?
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Badshah is used in carefree / naive meaning
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Sindh mein oye shehzadey type aur knse words use hote hain ? 
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O Raana.. O Babla
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O shahzaday chal hun changi jai jharu laa tay pura kura chukna ay aidki:hoonh: