Cross correlation is a general way to estimate time delay of arrival (TDOA), with a computational complexity of O(n log n) using fast Fourier transform. However, since only one spike is required for time delay estimation, complexity can be further reduced. Guided by Chinese Remainder Theorem (CRT), this paper presents a new approach called Co-prime Aliased Sparse FFT (CASFFT) in O(n1-1/d log n) multiplications and O(mn) additions, where m is smooth factor and d is stage number. By adjusting these parameters, it can achieve a balance between runtime and noise robustness. Furthermore, it has clear advantage in parallelism and runtime for a large range of signal-to-noise ratio (SNR) conditions. The accuracy and feasibility of this algorithm is analyzed in theory and verified by experiment.