Of course the quick answer is yes but there is more to it than that. I have never been to India but the story of the family in Family Matters is like any family facing facing a difficult domestic situation.
The plight of Nariman and his complicated relationship with his children are not Indian, they are human. Interpersonal relationships which include past mistakens and painful experiences can adversely affect feelings. Added to these realities are financial problems. This is a reality for many families in India and throughout the world.
Looking after a family member who is ill and incapacitated is difficult under normal circumstances. Coomie's inability to forgive Nariman and the weakness of Jal make it more difficult for all concerned.
This can happen to any family and the result is not just realistic but also univerisal.