All perfect praise be to Allaah, The Lord of the worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad, sallallaahu ‘alayhi wa sallam, is His slave and Messenger.
It is prescribed under Sharee‘ah to raise the voice with Talbiyah at the times when it is required. In a Hadeeth, the Prophet, sallallaahu ‘alayhi wa sallam, said: "The best of the Hajj deeds is raising the voice with Talbiyah and offering sacrificial animals." [At-Tirmithi]
In another Hadeeth, the Prophet, sallallaahu ‘alayhi wa sallam, said: "Jibreel (Gabriel) came to me and ordered me to command my Companions to raise their voices with Talbiyah." [Ahmad and Al-Haakim. Al-Albaani: Saheeh]
Nevertheless, one should stop Talbiyah upon entering the Sacred House of Allaah and start to perform Tawaaf. Raising the voice with Talbiyah during Tawaaf is not part of the Prophetic guidance. It was narrated on the authority of Ibn ‘Abbaas that he said: "He (the Prophet, sallallaahu ‘alayhi wa sallam) used to stop Talbiyah upon receiving the (Black) Stone during ‘Umrah." [At-Tirmithi: Saheeh]
An-Nawawi said: "The correct action is that the pilgrim says Talbiyah neither during Tawaaf nor during Sa‘y because there are certain Athkaar for them."
In Sharh Muntaha Al-Iraadaat, Al-Buhooti mentioned that Talbiyah is recommended at times other than the Arrival Tawaaf as well as Sa‘y to avoid confusing those who perform Tawaaf and Sa‘y. Ar-Rayhabaani mentioned that it is disliked to raise the voice with Talbiyah (on these two occasions).
Allaah Knows best.