starting from mahat (Hiranyagarbha) down to the (individual) body
असद् इदम्asad idam
this is unreal
अनात्म–तत्त्वंanātma–tattvaṃ
the non–self
मरु–मरीचिका–कल्पम्maru–marīcikā–kalpam
comparable to a mirage
Translation
You may know that māyā and all its manifestations starting from mahat (Hiranyagarbha, the cosmic being) down to the individual body is all unreal and non–self, comparable to a mirage.
Annotation
1) In the earlier verse all manifestations were described starting from the individual up to māyā. In the present verse the same are described in the reverse order in order to emphasise that all dṛśyam is unreal. 2) It is comparable to a mirage because it gets negated by the knowledge of Brahman which is non–dual. All the evolutes of māyā have a transactional reality until realisation (Jagadguru).