In a bowl, toss the paneer cubes with yogurt, tikka masala spice blend, and lemon juice. Let marinate 15 minutes at room temperature, or up to overnight in the fridge.
Combine the rinsed rice, water, and a pinch of salt in a saucepan. Bring to a boil, cover, reduce heat to low, and simmer 15 minutes; let stand covered 5 minutes, then fluff.
Heat 1 tablespoon oil in a nonstick skillet over medium-high heat. Sear the marinated paneer 2-3 minutes per side until lightly golden. Remove and set aside.
In the same skillet, heat the remaining oil over medium heat. Add onion and cook 6-7 minutes until golden. Add garlic and ginger and cook 1 minute.
Stir in the garam masala, turmeric, and cayenne; cook 30 seconds. Add the tomato puree and simmer 8-10 minutes, stirring occasionally, until thickened and deep red.
Stir in the heavy cream and butter, then return the seared paneer to the skillet. Simmer 5 minutes until warmed through and the sauce is glossy. Season with salt.
Spoon over basmati rice and garnish with fresh cilantro.
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