That is great money for India.

could I ask what kind of services/technologies you were offering?

With this kind of income you can make a very decent living in India.

$50k in India won't get you far in Mumbai, especially if you are married and have kids

That's a little more than 2.5 lakhs a month. There is no part of India where you can't live comfortably in that much money.

Bear in mind that living in Mumbai doesn't mean living in Pali Hill. The suburbs are significantly cheaper.

and if you don't have to commute it's relatively attractive not to live in the city centre.

Depends on your lifestyle. You can live comfortably with a small amount, but if you have personal preferences (like having a smartphone, Macbook air, skiing in winter, and a good car) the location won't really matter much.

Have you lived there? It's not that expensive. Primary costs would be rentals. And they fall exponentially as you move away from Nariman Point (city center)