Kashmir is not only staring at drought-like conditions due to lack of good snowfall this winter, but less precipitation has also become a cause of concern for the tourism sector as about 50 per cent bookings for the current period have been cancelled, sources said.However, with the recent snowfall and the forecast of more precipitation, Kashmir's tourism sector is now hoping for a revival.The Valley has witnessed a dry winter this year with the months of January and February recording a precipitation deficit of around 80 per cent, raising the possibility of drought in the Valley this summer.Several water bodies are flowing below the zero level mark at many places while some springs have dried up completely due to the receding water table, as the threat of drought-like conditions looms over the Valley.The conditions have become a cause of concern for the local population, which is largely dependent on irrigation for its agriculture and horticulture.The lack of good precipitation has also become a cause of concern for the Valley's tourism sector as the near snowless winter has led to a decrease in tourist footfalls.As per the tourism players, Kashmir has witnessed about 50 per cent cancellation of bookings over the last few days.The lack of enough snowfall has forced the authorities to postpone the fifth edition of Khelo India Winter Games, which were scheduled to begin from February 22 at the famous ski-resort of Gulmarg."Gulmarg has witnessed over 50 per cent cancellations in the last few days due to lack of snowfall," Rauf Tramboo, president of Travel Agents Association of Kashmir (TAAK), told PTI.Tramboo said the snow resort was set for hosting the Khelo India Winter Games and an inventory of 400-500 rooms was booked for the event. However, due to the postponement of the event, the hotels have now suffered huge losses."There was total cancellation for the week-long event," he said.Less snowfall has left the tourists dejected.