Sift together refined flour, baking powder and baking soda into a bowl.
Add condensed milk, salt, chaat masala, khoya, 2 tablespoons butter and moong dal. Mix well.
Add milk and mix well to make a thick batter.
Heat a waffle machine and brush with a little butter.
Pour a little batter into it, close the lid and cook for 4-5 minutes or till golden.
Serve hot with honey.