Auschick has provided you with an absolutely honest view on accomodation in Mumbai.
Mumbai is very crowded, dusty,noisy and the traffic is a nightmare! Standard of living is quite poor and the standard of apartments are very poor. Not the standard that you would expect.
Agents are crooks!! The moment they know that you are an expat and working for an airline company, the will artificially raise the rental.
I was based in Bangalore and paid INR 65,000/month for a 2 bedroom villa. Many hidden clauses in the lease agreement. Notably, 10 months security deposit and a lock in period for the entire lease period. (when I questioned why, the agent insisted that this was the norm).
My advise is let your Company handle the accomodation. Do not sign any lease agreement ... stay away from agents and landlords. I have had many bad experiences. Bottom line is that they just want your money and you can forget about seeing the security deposit at the end of the lease.
One last bit of advise ... the Company might try to push you to find your own place stating that you are being paid an accomodation allowance. Happened to me! Have nothing to do with it!!(This is simply because someone within the Company is getting a cut from the Housing Agent) Insist that they find you a place and they handle the rent.
Good luck!