Jetairways
If you were to have a choice of bases then I would suggest Bangalore, Chennai or New Delhi before I even thought of Mumbai. In most places (other than Mumbai) you should be able to get a nice apt within the allowance given. Mumbai can get expensive, and you can be in a 5 star area, but as soon as you walk out you are surrounded by filth and slum dwellers in many places. Bangalore, Delhi etc have nice areas and you dont have to deal with the above as you would in Mumbai.