Why does it make no sense because centre of mass(COM) is a place where the mass of the whole body is present.
This is not true in general, and really is only true for a point mass, as by definition all of its mass is located at a single point. For an extended body or a system of particles the center of mass is not where all of the mass is present. For example, not all of your mass is located at a single point; it is located all throughout your body.
Why can't we think like this 'When the semicircular is streched and made to a straight wire the COM will be at the centre right? 'But COM of semicircular wire is 2R/3.14 ,from the centre. If we think in real life the COM of semicircular wire is in air? What?? can anyone please explain it to me ?
Yes, at first it is odd to think about the center of mass not being located where any mass is, but it follows directly from the definition of center of mass.
The center of mass of a system is just a weighted average of the position of the masses in the system, where the weights are the masses of each part of the system. For a discrete set of $N$ point masses, we have
$$\mathbf r_\text{COM}=\frac{\sum_{i=1}^Nm_i\mathbf r_i}{\sum_{i=1}^Nm_i}$$
and for a continuous mass distribution with density function $\rho(\mathbf r)$ we have
$$\mathbf r_\text{COM}=\frac{\int \mathbf r\,\text dm}{\int\,\text dm}=\frac{\int \mathbf r\rho(\mathbf r)\,\text dV}{\int\rho(\mathbf r)\,\text dV}$$
As an analogy, the reason the center of mass of a system can be outside of the body is the same reason why the average of a set of numbers does not need to be in the set of numbers. For example, the average of the set $\{1,2,2,4\}$ is $2.25$, which is not in the set. The average position of the mass of the system does not need to be the position where mass is actually located.
As a much simpler example, imagine two identical point masses separated by a distance $d$. The weighted average of the position of these masses will be found a distance $d/2$ from each mass on the geometric line joining them. Of course there is no mass here, but the weighted average of the position of the particles is located here.
From comments:
Classical Physics is about the things that we see in our daily life with our naked eyes. But this case it is something we have to believe and which don't make sense when we really see a semicircular wire in real life
You can definitely "see the center of mass" even if it is not located within the body. For example, take your rigid semicircle wire and throw it through the air so that it spins around while doing so. Even though various parts of the wire will be moving around, if you were to track the center of mass location of the wire you would find it follows a smooth parabolic shape, consistent with Newton's second law for extended rigid bodies.
This is getting somewhat philosophical, but one could make the same argument about velocity vectors. It's not like when we move around there are actual arrows pointing in the direction of our motion, yet we still talk about velocity vectors, and they are useful in explaining the world around us. In the same way, even though the center of mass is not an actual physical thing, it is a useful concept that can describe a lot of physical phenomena. If you think that this isn't sufficient to be considered as "real", then that's fine. The physics and the universe don't really care how to interpret their behaviors.