The new law has been challenged in the Supreme Court by Congress, AIMIM, and the Aam Aadmi Party (AAP) with separate petitions.
The Waqf (Amendment) Bill, which states how Muslim charitable properties are governed, was cleared by Parliament after nearly 20 hours of MPs trading fiery speeches.
The opposition has called the bill "anti-Muslim" while those from the treasury benches hailed the "historic reform".
128 MPs backed the bill, and 95 voted against it in the Rajya Sabha.
The Lok Sabha (Indian Lower House) had passed the bill on Wednesday after a lengthy debate that began around noon and continued till 1 am.
While moving the bill in the Rajya Sabha, Union Minister Kiren Rijiju said the bill was aimed at providing transparency in the management of the Waqf properties.
He said the bill was not about religion but property and its management and aimed to remove corruption.
The Minister said the Muslim community has largely welcomed the bill.