Pour water and milk into a pot and heat over a low flame.
Heat oil and ghee in a heavy bottom pan over medium flame.
Add peanuts, chana dal, and urad dal. Saute for 10 seconds.
Add cumin and mustard seeds. Let them crackle.
Add cashews and saute for 10 seconds, until just light brown.
Next, add green chilies, curry leaves, and onions. Saute the onions just enough to get rid of the rawness and they turn soft.
Turn the flame to low. Add rava and mix well.
Roast the rava for 1-2 minutes by stirring constantly. Once roasted well, it will release a nice roasted earthy aroma.
Add salt to taste and sugar. Mix well.
By now the hot boiling water should be ready. If not, turn the flame to high and bring the water to a boil.
Turn the flame to low. Pour the hot boiling water with one hand and constantly stir the water in a circular motion with the other hand thoroughly without any lumps.
Once the rava absorbs all the liquid, close the pan with a lid and let it cook for 2-3 minutes.
Open the lid and fluff the upma using a big serving spoon. Drizzle 1 tbsp of ghee and mix well.
Lastly, add coriander leaves and mix.
Hotel style Rava Upma is ready. Serve hot or warm with a choice of chutney or pickle.