What you bought is not so much an Iris 'plant' as a pot containing several Iris corms most of which have already flowered. Iris reticulata are not indoor plants but very hardy outdoor spring corms. I would suggest you put this pot in the coolest, lightest place you can find e.g. glazed porch. They are very hardy and you can plant the whole clump outside as soon as all the corms have flowered if your soil is workable and it's not too cold i.e. below freezing.

Even outside the flowers do not last more than a few days and inside where it is too hot for them they will last even less time. The ones which have flowered will not flower again until next spring. And they are very prone to not returning at all in less than optimal conditions The foliage always grows tall after flowering but yours will have become etiolated through being inside where it is too dark and too warm for these plants. Do not trim it. Bulbous plants should never be trimmed as the foliage is busy building up the bulb or corm for next year.

Hi,

Until someone else comes along w/ more info., pls. take the purple decorative cover off the plant so it can drain, you'll want to put some kind of saucer beneath it.

Welcome to Gardenweb! Do you know your garden zone? You can find it here. Iris reticulata is reported to be hardy (can grow in the ground all year) as low as Z5. From your mention of a balcony, you may not have ground space for gardening?