Alternatively, can I ask "kitne baje hai?"
Thanks vinay, Thik
समय is very similar to the Malayalam word സമയം (samayam) which also means time
Yes. Both come from the Sanskrit word 'samaya'.
Is " क्या समय है" correct?
Yes, but with a subtle difference. क्या समय है is more like 'What time is it?'.
How will you ask "What is time?"? Or it's the same but the meaning changes depending on the context?
समय क्या है? can mean 'What is time?' as well depending on the context but if you want to be more clear you can say समय क्या होता है?