Heat the ghee in a heavy bottomed pan or kadhai and add the grated khoya to it. The khoya will start to melt and for a pasty liquid.
Add the basmati rice to this and saute for a couple of minutes. Meanwhile, warm 2 tablespoon of milk and add the saffron to it to bloom the saffron.
Add the rest of the milk and the sugar to the basmati rice - khoya mixture and let it come to a slow boil. Reduce the heat to medium-low and let it simmer for about 30 mins or so till the milk turns color to slight pink and the rice is cooked. Keep stirring every couple of minutes.
Add the bloomed saffron and the cardamom to it and mix well.
Serve hot or cold with edible silver foil / warq (optional) and sliced pistachios and almonds.