Finally after reading through some of the msdn resources, I got aware that there is a security trimming control available to restrict permission on content page.
Wrap the following tag around the content that you want security trimmed, and SharePoint will manage security for you.
<SharePoint:SPSecurityTrimmedControl ID=”SPSecurityTrimmedControlName″ PermissionsString=”BrowseDirectories” runat=”server”>
content that needs to be security trimmed goes here.
</SharePoint:SPSecurityTrimmedControl>
Please note that whats most important here is what goes inside the PermissionsString attribute. Following is a list of possible values:
List Permissions
ManageLists
CancelCheckout
AddListItems
EditListItems
DeleteListItems
ViewListItems
ApproveItems
OpenItems
ViewVersions
DeleteVersions
CreateAlerts
ViewFormPages
Site Permissions
ManagePermissions
ViewUsageData
ManageSubwebs
ManageWeb
AddAndCustomizePages
ApplyThemeAndBorder
ApplyStyleSheets
CreateGroups
BrowseDirectories
CreateSSCSite
ViewPages
EnumeratePermissions
BrowseUserInfo
ManageAlerts
UseRemoteAPIs
UseClientIntegration
Open
EditMyUserInfo
Finally I wanted to let everyone know that I would keep exposing some of these little custom developement tips and would also share some of my developement experience as an when I come across so do keep watching this space.