Marinate the lamb pieces in yogurt, turmeric powder, red chili powder, and salt. Set aside for at least 30 minutes.
Heat ghee in a large pot. Fry the sliced onions until golden brown and crispy. Remove half of the fried onions and set aside for garnish.
Add the ginger garlic paste to the remaining onions and sauté for a few minutes.
Add the marinated lamb pieces and cook until the lamb is browned and the spices are well mixed.
Add the bay leaves, cloves, and garam masala. Sauté for a few more minutes.
Add the soaked basmati rice and water. Mix well and bring to a boil.
Reduce heat to low, cover the pot, and simmer until the rice and lamb are cooked through and the water is fully absorbed, about 20-25 minutes.
Garnish with the reserved fried onions and serve hot.