Add milk and cream to a saucepan. Let it cook on medium heat till it comes to a boil. Turn the heat to low
Keep stirring continuously. Each time the cream forms on the top layer, break it and mix it in the milk.
Let it cook till it reduces to 1/3 of the original quantity.
Add sugar and cook for another 5-7 minutes.
Add the grated Khoya and stir. Cook for 3-4 minutes.
Add cardamom powder, saffron strands and Kewra water. Cook for 2-3 minutes. Turn off the gas and let the Rabri cool down. It would become more thick as it cools down. Refrigerate for 6-8 hours before serving.
Add chopped nuts and serve it chilled.
You can also serve chilled Rabri with warm Malpuas.