That is, Wachendorfia. They are an unusal shape and growth will spring up along the stem which may be vertically or horizontally placed. Plants which are classed as cormous have a rootstock, although there are some exceptions, one of which is the lovely Ferraria which are quite soft and smooth. This is a tuber. A tuber is really a swollen root used for food storage.
Tuberous roots grow just below the surface and new ones grow from the old stems.
At the base, buds will form into new plants as well as develop new tuberous roots. If you can conjure up a picture of a swollen stem then, you are. looking at a Rhizome. It grows horizontally at the soil surface or just below it. They develop roots which go down and from the top comes the parts you see - the stems, the leaves and the beautiful flowers. There are many types of plant forms.