In a heavy bottom pan, add little water and milk. When the milk comes to a boil lower the flame and boils milk for 5 to 7 minutes. Scraping off the cream from the sides and adding to boiling milk.
Keep stirring often to prevent burning.
Pour homemade condensed milk and continue to boil on medium heat for 5 minutes.
Milk comes to a slightly thicker consistency then add the saffron milk and cardamom powder.
Simmer for a few minutes and add chopped nuts.
Switch off the gas and transfer to the serving bowl.
Cool completely and refrigerator for 1-2 hours.
Garnish chilled basundi with nuts.