Warm the milk, add the saffron strands and let it soak for 5 to 10 minutes.
Add the grated paneer, soaked saffron with milk, condensed milk, and ground cardamom into a mixer jar.
Blend it into a semi-smooth paste. You can also grind it smooth, but I did not grind the mix smooth as we prefer some texture.
Heat a heavy bottom pan and add the ghee. Add the ground mixture and cook over medium-low heat when the ghee melts.
The mixture will slowly thicken, and the laddu mix will turn yellow because of the saffron.
Continue to cook until it comes together as a ball. It usually takes 8 to 10 minutes. (Timing differs, please keep an eye on the mix and don't let it sit unattended) Take a small piece and see if you can make a ball like the one below. If yes, then turn off the heat and set it aside.
When the mixture is warm, grease your palms with ghee, take a small amount of the paneer mix, and shape it into a small round ball. The mixture will be moist, and that's ok. It will firm as it cools down. Similarly, prepare the other paneer laddu. After it firms up, you can gently roll them again for a smooth texture, but it's optional. If you are rolling it second time, gently roll the laddu and don't roll them too hard.
If using nuts, garnish it with the nuts and enjoy. I simply garnished the laddu with saffron strands.
Notes
Adjust the condensed milk measure to taste.
You can add two to three drops of kewra water for added flavor.
Instead of saffron and cardamom, you can use rose syrup or other flavors.