Rinse basmati rice with water 2-3 times until the water runs clear. Soak it in 2-3 cups of water for 30 minutes. Set aside.
Heat ghee in a medium pot over high heat. When the ghee is hot, add cumin seeds and let them crackle for 4-5 seconds.
Add bay leaf, green cardamoms, cloves, black peppercorns, and cinnamon and saute for 20 seconds.
Add green chillies and saute for a minute. Add drained rice to the pot along with lime juice, salt, and water. Stir gently.
Cover the pot with a tight-fitting lid and cook on low heat till all the water is absorbed and the rice is tender.
Remove from heat and let it rest for 5 minutes. Remove the lid and fluff gently with a fork. Garnish with chopped cilantro and serve!