The blasts sent a massive ball of fire into the sky, causing widespread damage and panic among residents, many of whom are supporters of President Bashar Assad.
One resident said the explosions were so strong they cracked the walls of some buildings. Thick smoke and dust could be seen from a distance as explosions shook the ground.
A video posted online by activists showed a huge ball of fire over Homs neighborhoods.
An official at the governor's office in Homs said about 10 rockets slammed into the neighborhood of Zahra and the nearby sports stadium, sparking a large fire and causing several casualties.
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He said the explosions caused massive destruction and wounded at least 130 people. He didn't offer a number for those killed.
The official spoke on condition of anonymity in line with government regulations. He did not give a casualty figure.
The Britain-based Syrian Observatory for Human Rights, which closely monitors the fighting in Syria, said 40 people were killed and 120 were wounded, some critically when rockets struck an arms depot, igniting the fire.
"Rockets were falling on the area ... When the arms depot began to explode but we don't know if the rockets triggered the blasts," he said, speaking on condition of anonymity for fear of retaliation.
He said the explosions were so strong that "they shook parts of the city." They also shattered all windows in the area and cracked walls, he added.
Assad's visit to Daraya is his first known public trip outside the capital, his seat of power, in more than a year.