Jet Airways Housing
You can live anywhere you wish in your base. If your base is Mumbai there is nice housing available in Powai, a suburb area with some newer apartment buildings. This is about a 20 minute drive to the airport with company provided transportation. The housing allowance is adequate to cover your rent for a nice apartment.
You might also have the option to stay at the company provided Marriot Lakeside Chalet apartments for an indefinate period of time. This is a nice place to live and several pilots have their families staying with them.