QRH-- You have mentioned you have experience as an expat pilot. You will also then agree that there is no perfect contract or perfect airline.
Airlines in India are posting loses and that might continue. As a contractor I doubt that any of that will affect you in the very short term, depending on the length of contract you are seeking. If you have ruled out Spicejet because of just the accomodation factor and you are only looking at AIE or JetAirways, I would pick JetAirways. It is an established airline with a good reputation. But you will hear complaints about Jet as well. The great thing at Spicejet for expats is you can actually talk to someone if you have an issue.
The EVP of flight Ops Capt Jatti Dhillon, Chief Pilot Jack Ekl and Asst. Chief Bobby Russell will actually answer the phone when you call them day/night.
The check pilots and training staff are friendly and very helpful. These are good folks. The shortcoming is a small airline experiencing growing pains and short staffing because of it. If you address your concerns about the accomodation factor I am sure they will work hard to resolve it for you. Expat Capts in Hydrebad stay at the Taj or the Marriott (5 star), Calcutta-Oberio (5Star), Ahmebabad, Taj (5 Star). Delhi is the weak link right now with some being put up at the Avalon. I am told this is temporary and will be resolved.
They are offering HYD and Chennai bases and so you will have 5 star accomodations. Best wishes and good luck with your decision. If you change your mind and consider Spicejet, we'll leave the light on for you!!