Villa may have lost 2-0 at Stamford Bridge, but the youngster still managed to excel, after being handed a starting role by Tim Sherwood.
And Richards felt Grealish was Villa's standout performer in the fixture, although he had plenty of praise for all the club's forward players.
"I thought the midfielders and striking department were very good," he said.
"I thought Jack was outstanding, Gilly [Carles Gil] was getting into pockets, Rudy [Gestede] was up working hard.
"I think if we'd have nicked a goal it would have been a different game but it wasn't to be."
Villa played reasonably well against Chelsea, but they were unable to claim the three points due to individual errors.
Brad Guzan and Joleon Lescott were at fault for giving Chelsea a cheap goal, and Villa found it impossible to get back into the contest after those mistakes.
The loss leaves the Claret and Blues down in 19th place in the Premier League, with their form worryingly poor.
Villa have not won since the opening day of the season, and they are now four points away from safety, with their next game coming against Swansea City.