It's a Boy! Kate Middleton Gives Birth at 4.24 pm; Both Mother and Son Doing Well [PHOTOS]

Royal couple - Prince William and Kate Middleton - welcomed a baby boy at 04.24 p.m GMT (09:54 PM IST) on Monday. Cheers erupted at St. Mary's Hospital when Kensington Palace announced the birth of the new heir at 08:30 GMT (02:00 AM IST, Tuesday).

"Her Royal Highness The Duchess of Cambridge was safely delivered of a son at 4.24 p.m.," the palace announced in a statement. "The baby weighs 8 lbs. 6 oz. The Duke of Cambridge was present for the birth."

"The Queen, The Duke of Edinburgh, The Prince of Wales, The Duchess of Cornwall, Prince Harry and members of both families have been informed and are delighted with the news," said the statement. "Her Royal Highness and her child are both doing well and will remain in hospital overnight."

Kate Middleton was admitted to St Mary's Hospital in London on Monday with her husband Prince Williams accompanying her in a car after she got into labour.

The hype around the birth of the royal baby has been phenomenal with fans, reporters and photographers from several countries camping outside the Lindo Wing of St. Mary's Hospital for many days now to hear the news of Kate Middleton's delivery despite uncertain due date.

Going a step ahead, The Sun has been live streaming the vicinity of the hospital with a camera fixed on the front door of the Lindo Wing. The monitor will capture all the comings and goings into and out of the Lindo Wing where Duchess of Cambridge Kate, 31, is to give birth, reported the daily.

Centre for Retail Research (CRR) has claimed that the royal baby would boost British economy. The report said that the birth of Prince William and Kate's first child may boost retail sales by around £243 million (approximately $376) between 1 July and 31 August, 2013. A total of £87 million is expected to be spent on festivities, £80 million on souvenirs and toys, and £76 million on books, DVDs and media.

It was earlier speculated that Kate Middleton's due date would fall on 13 July but that turned out wrong. Kate's mom Carole Middleton later reportedly told her friends that the royal baby would be a Leo, suggesting that the baby would not arrive until at least 23 July, according to a report by NBC.