To the warm milk, add saffron strands and let it soak for 15 to 30 minutes. In a bowl, take crumbled paneer, hung curd, condensed milk, fresh cream, coconut milk into it and beat them all together until smooth.
Heat the water, add the agar agar powder, mix well until the agar agar mixture is completely clear. Filter the saffron soaked milk and add it into the cream cheese mixture. Now add the agar agar mixture and mix well gently.
Line a springform pan with a parchment sheet, add the carrot halwa, firmly press them to the base making sure the sides are sealed well. Level it as much as possible.
Pour the cream cheese mixture until it reaches 3/4th level of the pan. Now place the pan with the cheese cake mixture into the freezer for 30 minutes until firm.
For the glaze, take the water, agar agar in a bowl, heat and mix until the mixture turns clear. Add fresh cream, milk, sugar, rose milk syrup to the mixture.
Once the cheese cake in the freezer is set nicely, take it out and pour the glaze mixture on top and set it back in the freezer for another 30 minutes until firm.
Once its firm enough, you need to remove from the freezer and place it in the refrigerator.
While removing the cheesecake from the pan, just pass a knife slowly to release the sides from the pan and transfer the cheesecake to a serving plate.
Cheesecake is ready to be cut into slices and serve.