I can't add to the original request as my budget is....well...low. But I usually stay by the airport so I can contribute afterall. I stay in a place called Blue Bay, which isn't far from Mahebourg, near the airport, and right under the flight path. I guess how much it bothers you will be up to the individual, but I found it to be fine. A few airplanes go out per hour, but as Scandinavian said, it's not Frankfurt or Paris. The bigguns can be loud, but the smaller planes are just a bit whiny. A benefit is that the ride to the airport is short and cheap. Going to the other side of the island can take quite some time. It's also more isolated and you get a better feel of the island, imo. I have been told that a lot of that part of the island is owned by airline pilots as vacation homes.

If you're looking for the ultimate serene area, I expect that this will get in the way of that. If you're willing to put up with it for a more local experience, then I think it's a lovely area. It's also near the north, which is a popular, if difficult to get to, part of the country.