Mukhtasar or Mukhtasir is an Urdu word which means short, small, brief. And hence the line Mukhtasar mulaqat hai would mean 'it's a short meeting'.
The song belongs to Kunal Kohli's Teri Meri Kahaani which stars Shahid Kapoor and Priyanka Chopra.
More from Movie 'Teri Meri Kahani'
That's All I really Wanna Do
Is Baat ko Allah Jaane
Jab se Mere Dil ko Uff
Mukhtasar Mulaqat hai