S. R. Faruqi:

The wordplay of manz̤ar , chashm , dīd ; and of manz̤ar (in the sense of 'place of manifestation'), jagah , and makāñ , is very fine. For the eye the word 'chamber' [ḳhānah] is also used; thus between chashm and makāñ too there's the relationship of a zila.

With regard to mood, it resembles

{88,3},

but here the metaphor isn't so supreme. The compensation for this comes to some extent in the tone of the second line. In the tone there's a beautiful mixture of a delicate reproach and a delicate carelessness. The economy of words is also fine. Both phir and jo have been used so appropriately that the style of spoken language has been created.

By the view of the wet eye being ruined is meant that now the eyes are wet. This scene is fine, but after a little while it will no longer remain. From the eyes the tears will emerge and flow away, or the eyes themselves will flow away. Right now, the view is attractive-- come and take a look before you go. Along with ḳharāb and tar , for the house to fall is also very fine, because houses often fall down because of floods, or because of dampness in the foundations, and fallen-down houses are also called ḳharāb .

It's also possible that the addressee of the verse might not be the beloved, but rather the speaker might be speaking to himself; or the addressee might be other people; that is, to people in general.

[See also {509,3}.]

FWP:

SETS
MOTIFS == EYES
NAMES
TERMS == WORDPLAY; ZILA

Note for grammar fans: In the second line the perfect form girā has been colloquially used to express a future subjunctive meaning; in other words, it's being used as if it were gire .