Meaning
Awaited; the long-expected one.
Literally: From the Arabic root n-z-r, to wait.
How Iqbal uses it
In 'Kabhi ae haqeeqat-e-muntazar' the awaited Reality is the long-deferred direct vision of the Divine; Iqbal addresses Truth itself as the one his thousands of prostrations have been waiting for.
See it in the verse